The Real Deal New York

Financier’s 625 Park Avenue pad finds buyer for $25 million

October 14, 2011 02:46PM
By Katherine Clarke

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From left: Robert Shulman, an associate broker at Warburg Realty, Joan Swift, vice president of Prudential Douglas Elliman and 625 Park Avenue

Financier David Matlin’s full fourth-floor Park Avenue apartment that came on the market in April has found a buyer, a source told The Real Deal. The 7,500-square-foot private residence, which was listed as a co-exclusive with Robert Shulman, an associate broker at Warburg Realty, and Joan Swift, vice president of Prudential Douglas Elliman, for $29.5 million earlier this year, closed today for $25 million, the source said, though the transaction has not yet hit public record.

The residence, at 625 Park Avenue, between 65th and 66th streets, is a combination of two separate units — a 5,000-square-foot apartment and another 2,500-square-foot unit next door. The latter could use some renovation work, according to the listing, which said it “awaits your personal touch.”

It was previously reported that the apartment was owned by David Matlin, co-founder of private equity firm MatlinPatterson Global Advisers, and his wife Lisa. The pair has reportedly moved to a penthouse at 419 Broome Street, the building where actor Heath Ledger lived and died. Matlin was not immediately available for comment.

Private equity investor Henry Kravis and billionaire Ira Rennert are among other residents of the building. Rennert was even said to be interested in purchasing the apartment.

For $25 million, the unit commanded an impressive offer compared to similar units currently on the market, including a six-bedroom co-op at 640 Park Avenue and one at 755 Park Avenue, which are listed for $23.5 million and $16 million respectively.

The 1931 building at 625 Park Avenue was designed by architect J.E.R. Carpenter and converted into a co-op in 1968.
Swift declined to comment and Shulman was not immediately available for comment.

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