Former Avon CEO takes $600K loss on swanky Park Avenue condo

Andrea Jung paid $17.6M at Toll Brothers-developed 1110 Park Avenue

TRD NEW YORK /
Aug.August 31, 2017 10:30 AM

Former Avon CEO Andrea Jung 1110 Park Avenue

In yet another sign of the weakening ultra-luxury market, former Avon CEO Andrea Jung sold her apartment at Toll Brothers’ 1110 Park Avenue for $17 million — a $600,000 loss on what she paid last year.

Jung, now the president and CEO of microfinancing group Grameen America, paid $17.6 million for the five-bedroom, 5,702-square foot duplex in June 2016,  the New York Post reported. She then listed it for $18 million in January, according to the newspaper, but didn’t find a buyer willing the shell out that much. The unidentified buyers are from Asia and used an LLC for the purchase.

The 16-story building at 1110 Park Avenue has just nine units, and it’s one of the buildings where Toll Brothers had previously reduced prices. A unit in the building is currently on the market for $16 million, down from the $20 million it was first asking in 2015.

In the August issue of The Real Deal, we ranked the buyers who’ve had the greatest losses in the city’s condo market. [NYP]Miriam Hall


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Linda Ellerbee and 17 St. Luke’s Place

Famed journalist and singer unload their New York City homes

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

arrow_forward_ios
Loading...