Classic co-ops storm back on the market

TRD 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]

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