search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoffRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords
New York

Music guru L.A. Reid sells Park Ave. home to Harold Prince

From left: L.A. Reid, Harold Prince and the unit at 515 Park Avenue
From left: L.A. Reid, Harold Prince and the unit at 515 Park Avenue

Record producer L.A. Reid, a former judge on Fox talent show “The X Factor,” has sold his Park Avenue pad to Legendary Broadway producer Harold Prince for a whopping $16.5 million, according to city records.

Grammy Award-winning Reid, who nurtured the careers of artists Mariah Carey, Paula Abdul and Justin Bieber, listed his 10th-floor condominium at 515 Park Avenue, a white-glove building on the corner of East 60th Street, in May, asking $18.9 million.

Adam Modlin of the Modlin Group and Maria Torresy and Angela Holton of Brown Harris Stevens brokered the deal on behalf of the seller. Prince, attempting to shield his identity under an LLC, was represented by Barbara Fox of Fox Residential.

Prince sold his previous home, a neo-Georgian townhouse at 48 East 74th Street, for $19.1 million in October, according to previous reports. He and his wife Judith purchased it in 2009 for $12.5 million.

Fox declined to confirm the identity of her client, saying only that they had thought the apartment was a “beautiful space in lovely condition with great exposures.” Modlin declined to comment, while the Brown Harris Stevens duo could not be reached by press time.

Sign Up for the undefined Newsletter

A person who answered the phone at Prince’s office said the producer was holidaying in the south of France and would not be interested in discussing the purchase. A representative for L.A. Reid could not immediately be reached.

The 43-story Park Avenue building, at the corner of East 60th Street, has just 36 units and has been home to Christie’s owner François Pinault and alleged Israeli spy and former IDF arms dealer Ari-Ben Menashe.

Reid’s full-floor, 5,000-square-foot unit has a contemporary loft-like layout and features Art Deco moldings, according to the listing.

He purchased the apartment for $9.43 million in 2000 and described the building in a 2007 interview as a “wonderful place” for his family. The executive’s three children attended schools nearby at the time.

The mogul is having less luck with his Southampton home, which is also on the market, asking $19 million. Last week, the Sagaponack mansion was damaged when a furnace pipe in the basement burst and started a small blaze, according to news reports.