The Real Deal New York

Macklowe’s 737 Park sees second priciest penthouse deal on Park Ave.

Full-floor pad trades for $32M

May 26, 2015 01:05PM
By Rey Mashayekhi

737 Park Penthouse

737 Park Avenue on the Upper East Side (inset: Harry Macklowe)

UPDATED, 5:00 p.m., May 26: Macklowe Properties has sold the penthouse at its 737 Park Avenue condominium project for $32 million – the second priciest penthouse sale ever on Park Avenue.

The 12,000-square-foot unit comprises the building’s 21st floor and roof, with the lower level comprising 6,000 square feet of white-box interior space and a 2,270-square-foot wraparound terrace. The penthouse includes an 8-by-34-foot skylight and a spiral staircase that ascends to a roughly 3,800-square-foot roof deck.

The transaction trails only hedge funder Daniel Benton’s $39 million purchase of a duplex penthouse at 730 Park Avenue in 2012.

The penthouse’s buyer was registered under an LLC and not disclosed — though Richard Dubrow, Macklowe’s director of marketing, confirmed the buyer as based in New York. Hilary Landis and Danielle Pessis of the Corcoran Group handled the sale for Macklowe, while the Modlin Group’s Adam Modlin represented the buyer.

Macklowe decided to sell the unit as a white-box space last summer after speaking to prospective buyers, Dubrow told The Real Deal. “Whoever was going to buy this certainly wanted something bespoke and probably had the experience already in [customizing] other homes they’ve lived in,” he said.

The developer purchased the prewar building at 737 Park Avenue, on the corner of East 71st Street, in 2011 and has spent the past four years redesigning and renovating the property. Macklowe reconfigured the building’s original 104 rental units into 56 condos that are now completed and ready for occupancy.

“If you look at the most expensive Park Avenue apartments, there’s 730 Park Avenue, 740 Park Avenue and now we’re part of that conversation, which is what our intention always was,” Dubrow said.

The property’s remaining sale inventory includes a 6,110-square-foot unit asking $25 million, Macklowe said.

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