Macy’s CEO partners with neighbor to buy another unit at 650 Park

TRD New York /
Apr.April 11, 2012 06:00 PM

Who said big shots can’t share? The CEO of Macy’s, Terry Lundgren, may be joining forces with art collecting neighbor Frank Moore to expand both their apartments at luxury co-op building 650 Park Avenue.

Department store honcho Lundgren and Moore recently teamed up to buy a 21st floor, eight-room co-op at the white-glove property, according to public records filed with the city yesterday, spending $6.3 million. With Lundgren owning the penthouse directly upstairs and Moore owning the unit next door to the one downstairs, it is likely the pair jumped on the opportunity to buy the apartment in an effort to expand both their residences. It was not immediately clear when both parties moved into their respective homes.

The deal was brokered by Stephanie Kanner and Lisa Silberstein of Fox Residential. The unit was most recently asking $6.9 million but first hit the market last May for $7.2 million. While Silberstein declined to comment on the ownership of the property, saying she had to “protect the identity of the buyer,” she said “hypothetically” that the apartment, which had been previously been two separate units, could be returned to its former configuration.

Silberstein sang the unit’s praises, saying “the views are amazing.” The stretch of Park Avenue opposite the Park Avenue Armory building is “always popular,” she said.

The seller of the unit was the estate of Pearl Meyer. Meyer, who was a pioneer in the fields of executive compensation and corporate governance, died in January 2011 at age 78, according to news reports.

Neither Moore nor Lundgren, who has been chairman, president and CEO of Macy’s since January 2004, immediately responded to requests for comment.

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