The Real Deal New York

Billionaire David Geffen lists Parc V pad for $28M

Music mogul bought the 5K sf apartment in 2010 for $15M
September 07, 2016 11:13AM

David Geffen and 785 Fifth Avenue

David Geffen and 785 Fifth Avenue

Billionaire David Geffen sure has spent a lot of time buying and selling New York real estate in recent months. The entertainment mogul, fresh off his pricey property swaps in the Hamptons, is putting one of his two Park V co-op units on the market for $27.5 million.

Geffen paid $14.7 million in 2010 for the two-bedroom Parc V pad, which is approximately 5,000 square feet and has a soundproof screening room, the Wall Street Journal reported.

The agent listing agent is Deborah Grubman TRData LogoTINY of Corcoran, and while she would not confirm the name of the seller to the newspaper, she said her client is asking $27.5 million for the apartment because he has finished renovating another unit in the building, the penthouse.

Geffen paid a record $54 million for that apartment in 2012, but his renovations have been far from smooth sailing. Geffen was sued last year by his neighbors who said the work did $2 million in damage to their home. The billionaire hit back, and asked the court to remove “scandalous and prejudicial language” from the suit.

It’s a busy time for Geffen, who is gearing up to renovate his $70 million dollar East Hampton pad at 199 Lily Pond Lane after selling another Hamptons home for just over $67 million.

Lawyers, architects and consultants for the entertainment mogul have begun negotiations with the East Hampton Village Zoning Board of Appeals over plans for $1.9 million renovation that will require excavation of the dune, the East Hampton Star reported. [WSJ]Miriam Hall