The Real Deal New York

Park Avenue penthouse hits the market for $21M

Duplex apartment apartment belonged to widow of financier Herbert Allen

September 05, 2012 11:00AM
By Katherine Clarke

733 Park Avenue, broker Barbara Fox and the penthouse spread

The penthouse duplex at 733 Park Avenue – one of the most exclusive buildings in the city – has hit the market for the first time. The price tag: $21 million.

The spread encompasses the entire 30th and 31st floors of the building. The white-glove co-op, once home to financier Lionel Pincus and currently the residence of real estate titan Burt Resnick, contains 28 apartments and features a concierge, a wine cellar and a gym.

The seller of the penthouse is the estate of Ethel Allen, the widow of financier Herbert Allen who passed away in the spring. Allen’s late husband, who died in the 1990s, was a partner in Allen & Company, a firm that arranged some of Wall Street’s earliest corporate takeovers in the 1980s, according to an obituary in the New York Times.

Barbara Fox and Brad Loe of Fox Residential are marketing the property.Fox said she has already seen substantial interest in the unit.

The 4,250-square-foot unit, which comes with 1,250 square feet of landscaped terraces, has three bedrooms and 3.5 bathrooms. It also features a wood-paneled library, a formal dining room and a recently renovated French country kitchen, according to the listing. It also has staff quarters.

The listing has come online less than a year before Harry Macklowe’s upcoming condo conversion at 737 Park Avenue, one block north of 733 Park Avenue, is slated to hit the market.

Macklowe’s conversion of 737 Park Avenue, a pre-war building with just over 100 units, is currently underway. According to recent reports, construction workers have begun renovating the lobby and are slated to start work on the building’s 60 market rate apartments in the coming months. An offering plan for the building was filed with New York State last year.

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