Package deal: 720 Park Avenue unit owners want to combine, sell pair for $43M

The duplex, which would be designed by architect Peter Pennoyer, could fetch $1K sf

TRD New York /
Dec.December 11, 2018 10:00 AM

720 Park Avenue (Credit: CityRealty)

The owners of adjoining apartments atop 720 Park Avenue are attempting to sell the pair as a combined duplex for $43 million.

One owned by the former president of Macy’s, Jesse I. Straus, the duplex featured a grand walkway, high ceilings and a library. But in the 1970s, the home was cut in two and resold as singular apartments, according to the Wall Street Journal, which first reported on the duplex offer.

Now the current owners of the split apartments have hired architect Peter Pennoyer to design a recombination of them. Pennoyer reportedly estimates the new duplex could fetch $1,000 a square foot. However the two apartments on the 12th floor and 13th floors are also for individual sale, at $20 million and $23 million respectively, according to the Journal.

The 29-unit building was built in 1928. Around that time, Straus owned the duplex.

Last year, Scott Bessent, who has donated to President Trump, bought an apartment in the exclusive building for $19M. [WSJ] — David Jeans

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report