The Real Deal New York

Former Avon CEO Andrea Jung pays $17.6M at 1110 Park

Toll Brothers had been asking $19M for pad

July 20, 2016 03:00PM
By E.B. Solomont

Andrea Jung and 1110 Park Avenue on the Upper East Side

Andrea Jung and 1110 Park Avenue on the Upper East Side

Former Avon CEO Andrea Jung must have been impressed with the foundation at Toll Brothers’ 1110 Park Avenue.

The ex-cosmetics executive, now head of microfinance firm Grameen America, shelled out $17.6 million, or $3,087 per square foot, for a spread at the developers’ Carnegie Hill condominium project, public records show. One of nine units in the 16-story boutique building, Jung’s apartment has five bedrooms and five bathrooms and measures more than 5,700 square feet. It hit the market in 2015, asking $19.25 million, or $3,376 per square foot.

Five other condos are listed for sale at 1110 Park, with prices ranging from $8.325 million for a 2,851-square-foot two-bedroom to the building’s 7,000-square-foot penthouse, currently asking $29.5 million, down from $44 million.

Last year, Toll Brothers TRData LogoTINY dropped prices at 1110 Park and at 400 Park Avenue South, its glassy Christian de Portzamparc-designed tower with 81 units. “These are very expensive units, and therefore there are less buyers out there,” CEO Doug Yearley said during an earnings call, describing the new “aggressive” pricing.

The luxury market slowdown has been well documented.

An analysis by The Real Deal in May found luxury sales volume dropped 25 percent during the first 20 weeks of 2016 compared to the prior year. Just 449 contracts were signed at $4 million and above during that time period, compared to 597 in 2015, according to TRD’s analysis of data provided by Olshan Realty.

Jung was CEO of Avon for eight years, before stepping down in 2012. That year, Bloomberg named her one of the five worst CEOs of the year, noting that Avon’s market value fell to $6 billion from $21 billion during her tenure.