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$24.5M Park Avenue manse sells after 7 years
It’s been a tumultuous decade for the 13-room townhouse at 870 Park Avenue. Originally listed for $23 million in 2004, it’s plowed through a roster of the city’s most elite real estate brokers, endured the market’s boom and bust, and has a lengthy history of price hikes and cuts to match. In December, still unsold, it found itself at the center of a divorce settlement and was transferred for $10 million to Winick Realty executive Lori Shabtai after she split from former owner Benny Shabtai, the Raymond Weil watch mogul.
But it looks like the 12,000-square-foot mansion has finally found someone who actually wants it. The four-story residence, whose façade was designed by 15 Central Park West architect Robert A.M. Stern and which was most recently priced at $24.5 million by Prudential Douglas Elliman vice chairman Dolly Lenz, entered into contract this past Friday, according to Streeteasy.com.
Last year, when the Stratosphere Award-winning power broker picked up the listing from Corcoran Group top dog Carrie Chiang, who in turn, had won it from Brown Harris Stevens townhouse guru Paula Del Nunzio, The Real Deal wondered whether residential real estate’s third queen bee would be the charm for this long-struggling listing, which at times had asked as much as $33 million (under Del Nunzio’s care) and as little as $19 million (under Chiang).
Apparently, the answer was yes. Lenz, who said at the time that “it’s an extraordinary sunlit house in a perfect location — ideal for a family to share,” declined to comment on the sale today, citing a confidentiality agreement.
Lori, of Winick, was not immediately available for comment.