Fifth Ave co-op hits market asking $50M

June 01, 2012 09:00AM

A full floor unit in the co-op building at 944 Fifth Avenue is hitting the market with a $50 million asking price, the New York Times reported. John Burger, senior vice president of Brown Harris Stevens, is listing the apartment on behalf of a private investor who bought the apartment 15 years ago and commissioned a two-year renovation before moving in.

The upper-floor unit has six bedrooms and 6.5 bathrooms among its 5,000 square feet. It has 70 feet overlooking Central Park, including a 27-foot long living room, and a private elevator entrance in the — literally — white glove building.

Citing comparable sales in nearby co-op buildings, Burger said he expected the unit to sell near its asking price.

“Having this type of view is like being on the waterfront in any other city,” Burger said. “And people are paying very significant sums right now to have a high-floor apartment along the perimeter of the park.”

A recent study found co-op buyers pay three times more to live directly across the park than they do for similar apartments in buildings that don’t overlook Central Park.

The owners decided to sell because their two children are grown and they find the apartment too large for just two people. [NYT]