PH at Sherry-Netherland price chopped to $78M

Chinese investor paid $70M for palatial pad in March 2015

TRD New York /
Jun.June 16, 2016 01:53 PM

It seems $86 million was too steep a price for the penthouse at the Sherry-Netherland.

The seller – a Chinese investor who paid nearly $70 million last year for the sprawling pad – has lowered the asking price to $78 million from $86 million. The 18th-floor co-op at 781 Fifth Avenue hit the market in October asking more than $9,500 a foot. The current price works out to around $8,666 per foot.

With seven bedrooms and eight bathrooms, the 9,000-square-foot spread also has three terraces totaling 2,000 square feet.

“It is one of the best offerings out there and the fact that it is a co-op, which does welcome qualified offshore buyers, with a price reduction, makes it highly competitive,” said Brown Harris Stevens’ Kathy Sloane, who has the listing. The new price, she added, “reflects the seriousness of the seller.”

The seller – identified in public records as Genever Holdings LLC – has owned the pad for just over a year but is said to be in the market for a larger space. The corporation bought the fully-furnished pad in March 2015 from Charlene and Gilbert Haroche, co-founder of Liberty Travel, who cobbled together the sprawling home from smaller units purchased over the years.

The Haroches originally listed the penthouse for $95 million in 2012.

Despite the current discount, the penthouse would still set a new record for the priciest co-op sold if it goes for the new price – albeit barely. Leonard Blavatnik currently holds that title, after paying $77.5 million for Jets owner Woody Johnson’s duplex at 834 Fifth Avenue.

The priciest co-op listing is former Salomon Brothers chief John Gutfreund’s 12,000-square-foot spread at 834 Fifth Avenue, which is currently asking $120 million.

At the Sherry, the last time the penthouse was on the market, it rotated through a series of brokers including Sloane; Dolly Lenz; Douglas Elliman’s Lisa Simonsen; Elliman’s Tal and Oren Alexander; Sotheby’s International Realty’s Serena Boardman, and Brown Harris Stevens’ John Burger.


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