Dime store founder’s Fifth Avenue duplex sells for $26.75M

TRD New York /
Jul.July 27, 2011 08:39 AM

A Fifth Avenue apartment owned since the 1920s by the family of Samuel Kress, the founder of a dime store empire, has been sold for $26.75 million, the Wall Street Journal reported. Stephen Cyrus Freidheim, the senior managing partner of Cyrus Capital Partners is the buyer of the property, according to public records.

The space has been on and off the market since 2007 and was once listed for as much as $50 million.

Kress paid $150,000 for the apartment at 1020 Fifth Avenue, according to a news story from the time.

Leighton Candler, a Corcoran Group broker who represented the Kress family in the sale, said Kress had imported craftsmen from Europe to finish the home with materials and details that couldn’t be replicated today. The buyers plan to keep the majority of those finishes, she said.

“It had that integrity and old-world European feeling and they valued that. It isn’t going to be demolished,” she said. [WSJ]


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