740 Park Avenue units in contract for record $52M

April 18, 2012 09:00AM

A new record will soon be set for residential real estate in Manhattan, according to the Wall Street Journal. A combination of two duplex co-op apartments on the 12th and 13th floor of 740 Park Avenue that were assembled by Time Warner’s former chairman Steven Ross, since deceased, has entered contract for $52 million.

The spread was quietly listed for $75 million for a short time in 2009, before returning to the market last year with a $60 million asking price. Kathy Sloane of Brown Harris Stevens had the listing.

Ross bought the apartments in the 1980s for a total of $8 million. He passed away in 1992 and the units have been controlled by his wife, Courtney Sale Ross. The annual maintenance fee for the apartments is $412,000, and the units are in need of millions of dollars of renovation work.

If the deal closes with the reported $52 million price, it would surpass the previous $48.8 million co-op record set when Scott Bommer sold his 1060 Fifth Avenue. [WSJ]