$24M listing at 998 Fifth — once home to Guggenheims and Vanderbilts — hits market

TRD New York /
Nov.November 10, 2010 11:30 AM
Inside the unit at 998 Fifth Avenue and agent Cornelia Zagat Eland of Stribling & Associates
 

The building that Guggenheims and Vanderbilts have called home is ready to welcome a new resident.

A roughly 5,000-square-foot co-op at 998 Fifth Avenue, designed by McKim, Mead & White, the architecture team behind the much-lauded original Pennsylvania Station, has hit the market for $24 million, even as a pricier unit there owned by private equity investor Steven Rattner languishes without a buyer, according to public records.

The new listing, marketed by Cornelia Zagat Eland and Emily Hanna of Stribling & Associates, includes a 1,000-bottle temperature-controlled wine cellar and an in-bedroom wood-burning fireplace, and affords views of the Metropolitan Museum of Art.

Although the listing hit the market last night, Eland said she’s already had “several” inquiries from potential buyers. And while the market may not be back to peak levels, Eland said she’s not concerned about the property’s market potential.

Even so, Rattner’s home at the 12-story 998 Fifth Avenue, between 81st and 82nd streets, may not be faring as well.

Rattner’s unit, 5W, hit the market a year ago with a $34 million price tag. The listing, being marketed by Brown Harris Stevens’ Kathy Sloane, has yet to change hands, city records show, and was pulled from real estate listing site Streeteasy.com early last month. Sloane did not immediately return a request for comment.

But, according to Eland, the new listing will benefit from 998 Fifth Avenue‘s high-end pedigree.

“It has remained one of the really gorgeous buildings in New York,” Eland said, noting that, when it was built, the architects went to great lengths to create a homey feel. “[When it was built] they were moving people from townhouses and wooing them to go to an apartment building.”

The seller, whose identity Eland would not reveal, chose to put the unit on the market because of “a change in lifestyle,” Eland said, adding that the seller’s children had recently moved on “to different things.”

 

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