The Real Deal New York

Mystery trust connected to Jimmy Tisch pays $32M for 1040 Fifth co-op

Sources said apartment is for friend of the Loews mogul

August 02, 2016 02:00PM
By E.B. Solomont

1040 Fifth Avenue in Carnegie Hill (inset from top: James Tisch and Edgar Bronfman Jr.)

1040 Fifth Avenue in Carnegie Hill (inset from top: James Tisch and Edgar Bronfman Jr.)

UPDATED, Aug. 2, 2016 at 4:34 p.m.: A trust connected to a loaded hotel mogul has plunked down $32 million for a sprawling co-op at 1040 Fifth Avenue that was once owned by Edgar Bronfman Jr.

Located at one of the Upper East Side’s toniest addresses, the prewar apartment has five bedrooms, two fireplaces and views of Central Park. Hotel mogul Jimmy Tisch, of Loews Corporation, is listed as the trustee for an entity known as “LRL 2012 Residence,” which went into contract on the 10th-floor pad in late 2015, according to Olshan Realty’s TRData LogoTINY weekly market report, which didn’t disclose his identity at the time.

Sources said the trust bought the unit for a friend of Tisch’s and he won’t be living in the palatial digs. It’s the highest price paid for a unit at the co-op, according to records.

The sellers were Thomas and Marjorie Lehrman, who bought the enormous apartment for $21 million in 2008 from the Seagram heir. Bronfman snagged the apartment for $19.5 million from textiles executive Loic De Kertanguy in 2008, and listed it a week later for $24 million.

The Rosario Candela-designed building has been home to famous residents, including Jackie Kennedy Onassis, whose apartment traded for $32 million in 2006. In 2014, Related Companies CEO Jeff Blau sold his $35 million co-op at 1040 Fifth.

In 2014, Tisch, who goes by “Jimmy,” bought an 11-bedroom home on Meadow Lane in Southampton for $41 million.