The Real Deal New York

David Geffen grabs Denise Rich’s Fifth Ave. co-op

July 13, 2012 08:30AM

The city’s most expensive co-op listing has found a buyer, although he’s getting almost 20 percent off on the deal. The New York Post reported music mogul David Geffen is purchasing Denise Rich’s duplex co-op penthouse — located directly above his current home — at 785 Fifth Avenue. Rich was asking $65 million for the 12,000-square-foot spread, which hit the market in January under Corcoran Group listing agents Bonnie Evans, Noble Black and Chezz Levi, but Geffen picked it up for just $54 million.

The DreamWorks co-founder reportedly does not plan to combine his new investment with his current 5,000-square-foot apartment, which he bought in 2010 for $14.7 million. Instead, he’ll sell his apartment once extensive renovations, which include gutting Rich’s recording studio, are complete. In fact, the location of his home below Rich’s apartment had previously been a source of discontent, as he nearly sued his neighbor for damaging his art and clothing when her Jacuzzi overflowed.

The Post said numerous foreign buyers had come close to purchasing apartments before being stiff-armed by the strict co-op board. Meanwhile, Rich is renouncing her U.S. citizenship to avoid paying U.S. taxes and is moving abroad. [Post]