The Real Deal New York

Broadway producers sell Park Ave. penthouse for $20M

Tony Award-winning couple bought the floor-through unit in 2007 for $9 million
By Claire Moses | January 02, 2015 04:26PM

Tony Award winners Howard and Janet Kagan sold their Park Avenue penthouse to Skadden Arps managing director Earle Yaffa for $20.3 million, according to records filed with the city today.

The couple bought the full-floor apartment at 975 Park Avenue for $9 million in 2007. The five-bedroom, five-bathroom unit boasts a wraparound terrace. The Kagans listed the penthouse last month for $22 million with Sotheby’s International Realty’s Juliette Janssens and Allison Koffman. The listing promises high ceilings, two separate wings that are united by a “state-of-the-art” kitchen, as well as two fireplaces.

The Kagans head Maxolev Productions, which produces commercial shows. They earned Tony Awards for best revival of a musical two years in a row: one for “Pippin” in 2013 and one for “Porgy and Bess” in 2012. Other shows they produced include “Hands on a Hardbody,” “The Anarchist” — with Patti Lupone and Debra Winger — and “Bonnie & Clyde.”

Last year, Howard and Janet Kagan inked a $250,000 deal to host a musical at a temporary, 10,000-square-foot space space at 860 Washington Street. The couple put on “Natasha, Pierre and the Great Comet of 1812,” a modern take on “War and Peace.”