New York City is back, at least in real-estate terms. More Manhattan apartments changed hands in the third quarter than in an other in recorded history, with sales volume near $10 billion, itself a record. After an anxious year-and-a-half when city denizens fled to the suburbs and beyond, creating a glut of options and some sweet deals for those willing to chance things in pestilent Gotham, “the fire sale is long-since over,” realtor Brown Harris Stevens’ chief economist says.
Still, there are bargains to be had, even at the highest end of the market, especially if you’re willing to hold your nose. Take 740 Park Avenue, arguably the most prestigious residential address in the city, if not the world. It’s got just 31 apartments, and you can rub elbows with the likes of Steve Schwarzman and Izzy Englander in the lobby. Still, finding a buyer for a place reeking of swamp and other unpleasant things, haunted by the ghosts of some of the worst nights of Louise Linton’s life, proved a challenge for former Secretary of the Treasury and current influence peddler Steve Mnuchin, no matter how sweeping the south-facing views. He’s been trying to unload the place—which has been in his family for six decades—for three years. There were no takers at $32.5 million, nor at $29.5 million. Nor, for that matter, at $25.75 million. But for $22.5 million, fellow child of privilege Lacy Tisch was willing to take a flyer on the place. After all, in today’s market, she’s not likely to find a better deal.
It has around 6,500 square feet and features five bedrooms, six and a half bathrooms, a wood-paneled library with a wet bar, a formal dining room and staff quarters.
The primary bedroom suite, on the upper level, has a fireplace, two marble bathrooms, three walk-in closets, a dressing room and an office.