Ex-Verizon chief unloads five-terrace Park Ave. pad for $24M

Lawrence Babbio, who once led telecom giant Verizon, is saying so long to His Penthouse On Park Avenue. He sold the five-terrace co-op for $24 million to old Manhattan money, Michael and Leah Weisberg.

The two-bedroom unit on the 16th floor of 720 Park Avenue has 10 rooms, a 31-foot-by-27-foot living room and 90 feet of Park Avenue frontage. Babbio, who retired from Verizon in 2007 as president, put his home up for sale in March, with an asking price of $25 million.

Brown Harris Stevens broker John Burger had the listing. He brokered another $20 million-plus deal at the building in July – a 14-room co-op that sold for $23 million, the New York Observer said. [NYO] — Mark Maurer