The Real Deal New York

Billionaire Herbert Siegel sells UES co-op for $16.5M

998 Fifth Avenue duplex co-op goes for $2M loss
By Zachary Kussin | June 25, 2014 05:45PM

Television mogul and billionaire Herbert Siegel and philanthropist wife, Jeanne, have sold their duplex co-op at The Tony 998 Fifth Avenue for $16.5 million — a $2 million loss, according to public records filed today. The couple bought the five-bedroom, five-bathroom home for $18.5 million in December 2012, records show.

Serena Boardman of Sotheby’s International Realty had the listing for the spread, which hit the market in October 2013, according to StreetEasy. It came online with a $22 million ask and underwent two price chops before selling.

A Sotheby’s spokesperson did not immediately respond to a message seeking comment on the transaction.

Siegel was the head of Chris-Craft Industries, the parent company of the United Paramount Network television station, which he sold in 2001 to Newscorp for $5.3 billion, according to Forbes. The most recent Forbes report values his net worth at $1.3 billion.

Siegel could not be immediately reached for comment.

The home has a sweeping staircase that opens to the living and dining areas, which both have corner exposures and fireplaces, according to the listing. Other details include period stained glass windows.

Siegel’s wife sold a two-bedroom apartment at the Sherry Netherland in 2012 for $7.7 million, as The Real Deal previously reported.

The buyers are listed as Leonard Laufer and Terry Gushner Laufer. Leonard appears to be the co-founder of the White Plains-based Argus Information and Advisory Services. He is no longer with the company, according to Argus, and could not immediately be reached for comment.