Stanley Cayre shells out $23M for UES home

Stanley Cayre, whose family runs real estate investment firm Midtown Equities, has purchased a full-floor co-op at 640 Park Avenue for $23 million, the most expensive residential sale of the week, the New York Times reported.

The apartment’s prior owner, Sue Erpf Van de Bovenkamp, was the widow of financier and presidential adviser Armand Erpf. She was also the president of the Armand G. Erpf Charitable Foundation. She died in 2011 at the age of 82.

Originally an 18-room home, the apartment was redeveloped 40 years ago as a five-bedroom, six-bathroom residence with a two-room staff suite. The monthly maintenance fee for the co-op is $15,981.

Cayre and his wife, Frieda, plan to use the apartment as their primary residence.

Nancy Elias and John Burger of Brown Harris Stevens and Serena Boardman of Sotheby’s International Realty handled the sale for the estate. Caroline Guthrie, also from Brown Harris Stevens, represented the buyers in the transaction.

The 13-story building at East 66th Street has a single residence on each floor, and was originally built by Spencer Fullerton Weaver as a low-rise. [NYT] – James Comtois