The Real Deal New York

Another condo at 737 Park bought, this time for $12M

Sale last month of similar unit in Macklowe building brought $11.5M

February 26, 2014 04:24PM
By Hiten Samtani

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From left: Corcoran CEO Pamela Liebman, 737 Park Avenue and Harry Macklowe

From left: Corcoran CEO Pamela Liebman, 737 Park Avenue and Harry Macklowe

Finance executive Glen Tobias and his wife Lynn Tobias have paid $12.1 million for a 15th-floor unit at Harry Macklowe’s 737 Park Avenue, according to property records filed with the city today.

No details of the apartment were immediately available on StreetEasy. Another three-bedroom unit on the 15th floor sold for $11.5 million last month, after asking $12.5 million. Sales at the building are handled by the Corcoran Group.

Tobias is a former senior executive at Bear Stearns and a former national chairman of the Anti-Defamation League. His wife Lynn is a trustee of the Jewish Museum and a past president of the Jewish Women’s Foundation of New York.

Macklowe and Los Angeles-based private equity firm CIM Group paid $360 million in August 2011 for the prewar Upper East Side building, then converted the property into high-end condos. The 21-story, 60-unit property at East 71st Street boasts a fitness center, bicycle storage and a live-in superintendent.

More than $250 million worth of condos have been sold at the building, but the property has been entangled in several lawsuits, mostly related to long-term rental tenants.

  • HughGass

    Paid $360m and have only $250m to break even so far?

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