Classic co-ops storm back on the market

New York /
May.May 01, 2012 09:00 AM

Recent sales indicate that classic pre-war co-ops are regaining their footing in the Manhattan sales market. The Wall Street Journal reported that four co-op sales worth $30 million or more have already closed or are in contract this year, compared to four total in the three previous years combined. The combination of the financial downturn and the lure of pricey new apartments in sleek glass towers had iced co-op sales, but as a recovery lingers on the horizon and new condominium construction does not, attention has returned to that sector.

This year, Courtney Sale Ross sold two duplex co-ops in 740 Park Avenue for a record $52 million and Ted Forstmann’s penthouse at 2 East 70th Street entered contract for $40 million— $4 million above ask — just a few weeks ago.

Seeing the bidding wars that erupted over the late Forstmann’s apartment, has now compelled more sellers to explore the market, the Journal said. A former Goldman Sachs banker put his co-op at 730 Park Avenue, which was originally not listed publicly, on the market in hopes that the wider pool of buyers will bid his listing up to the $35 million he’s seeking.

“I can’t speak about this, but I am hoping that lightning strikes twice,” said Meredyth Smith, the Sotheby’s International Realty broker who lists the property with colleague Serena Boardman. [WSJ]


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
85 Jay Street in Dumbo and 515 West 29th Street in Chelsea (Photos via Winick, SCDA Architects)
Here are the new developments offering the most buyer incentives
Here are the new developments offering the most buyer incentives
Assemblyman N. Nick Perry and Sen. Brian Kavanagh (Getty, iStock, NY State Assembly)
New bill would force co-op boards to explain rejections
New bill would force co-op boards to explain rejections
James Whelan, Stuart Saft and Senator Liz Krueger (Whelan by Evan Gutierrez, Kruger via NY Senate, iStock) 
Legislators accidentally propose huge tax hike for co-ops
Legislators accidentally propose huge tax hike for co-ops
328 Sackett Street was the most expensive property this week. (Elliman)
Brooklyn luxury condo contracts catch up to townhouses
Brooklyn luxury condo contracts catch up to townhouses
(Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Condo, co-op boards mull vaccine mandates for building workers
Condo, co-op boards mull vaccine mandates for building workers
17 West 54th Street and Stuart Froum (Google Maps, Linkedin)
Renovation of stately co-op pits gum surgeon against board
Renovation of stately co-op pits gum surgeon against board
Guo Wengui and the Sherry-Netherland penthouse at 781 Fifth Avenue (Photos via Wikipedia Commons; Getty Images and Douglas Elliman)
Ensconced in the penthouse and entangled in lawsuits
Ensconced in the penthouse and entangled in lawsuits
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...