The Real Deal New York

Macklowe’s 737 Park Ave. notches priciest contract of the week: Olshan

26 contracts were signed on luxury pads between June 5-11
June 12, 2017 08:59AM

Harry Macklowe and renderings of 737 Park Avenue

Harry Macklowe’s 737 Park Avenue TRData LogoTINY, the tony Upper East Side condo conversion so nice that it’s where the developer reportedly kept his fiancee Patricia Landeau for two years, recorded the city’s priciest contract last week.

The sponsor unit went into contract at $25 million, one of 26 luxury contracts inked last week, according to the weekly luxury report from Olshan Realty. It’s the first week in over a month with fewer than 30 luxury contracts signed.

The 6,111-square-foot condo at 737 Park Avenue has five bedrooms, six baths and a powder room, and wraps around the corner of 71st Street and Park Avenue.

Macklowe teamed up with CIM Group on the conversion of the building, which has averaged sale prices north of $3,000 per square foot in the last three years. The building notched the second-priciest deal on Park Avenue in 2015 when French financier Raymond Svider paid $32 million for a 12,000-square-foot penthouse.

The building is where Macklowe reportedly “hid” his new lover for two years. Macklowe and his wife, Linda, are currently embroiled in a bitter divorce, and Macklowe has pledged to marry Landeau once the divorce is finalized.

The No. 2 contract last week was on a 20-foot-wide townhouse at 115 East 79th Street that was inked for $19.44 million. The median asking price for the week was $5.8 million, with an average discount of 6 percent and homes spent an average of 492 days on the market. [Olshan]Rich Bockmann

(To view more residential sales at 737 Park Avenue, click here)