The Real Deal New York

Rohatyn transfers Park Ave. co-op for $11.25M

February 04, 2011 01:04PM

Lazard banker Felix Rohatyn has transferred ownership of his full-floor co-op at 810 Park Avenue to a trust for $11.25 million, according to city records, the Observer reported. Though Rohatyn purchased the four-bedroom spread in the 1980s for $2 million, the $11.25 million amount is below the going rate for other units at the tony building, located at the corner of 62nd Street. In December, Charles Bronfman paid $21 million for a similar full-floor spread on the sixth floor. The last sale before that was the duplex penthouse, which David Geffen bought for $31 million in 2006 before selling it to Pete Peterson a year later for $37 million. The creation of trusts and other holding corporations was forbidden by co-op boards until about 10 years ago. “The first concern was always getting to the maintenance money,” one broker said. However, Rohatyn’s transfer “seems like a tax deal and a probate deal,” an attorney told the Observer. “It’s a very smart thing to do.” The trust is composed of Rohatyn, his wife Elizabeth, son Nicholas and long-time friend and Wall Street attorney Martin Lipton. [NYO]


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