The Real Deal New York

Last Stanhope sponsor unit trades for $27.4M

Apartment has been on the market since 2007

July 19, 2012 02:30PM
By Katherine Clarke

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Sotheby's broker Nikki Field and the apartment at 995 Fifth Avenue

The last remaining sponsor unit at 995 Fifth Avenue, a cond-op situated in the former Stanhope Hotel, has found a buyer after lingering on the market since 2007.

The sale marks a victory for Sotheby’s International Realty broker Nikki Field, who took over listing the unit in March. It had previously been marketed by the Corcoran Group and Gumley Haft Kleier. Gumley had the exclusive on the property for two years prior to Field’s taking it over.

The deal for the 16th-floor cond-op closed June 29, according to public records. It went into contract in June. The buyer, an LLC named 995, paid $27.38 million for the unit, which was most recently asking $30 million. The identity of the purchaser was not immediately clear. The unit first came on the market for $35 million in 2007 and the asking price was lowered to $27.5 million under brokers Michele Kleier and Samantha Kleier Forbes of Gumley Haft Kleier.

The 8,360-square-foot unit has seven bedrooms and features 10-foot ceilings, a private elevator entry and views of Central Park. It was featured on the HGTV series “Selling New York” in 2010.

Gary Barnett’s Extell Development renovated the former 17-story hotel in 2008. Unfortunately for owners in the building, the land under the property is not owned by Extell and is therefore subject to a 150-year land lease. Daphne Guinness, who bought into the building in 2008, is currently trying to sell her apartment. It’s on the market for $14 million with Dan Neiditch of River 2 River Realty.

Barnett and Field did not immediately respond to requests for comment. Field previously said the buyer was a New York family.

“Contrary to all of our other large trades recently, it was purchased by a New York family, not an international purchaser,” she said when the unit went into contract.

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