In a fading market, UES co-op reappears asking $52M

The Fifth Avenue home dates back to the 1920s
April 30, 2019 03:45PM

990 Fifth Avenue (Credit: BHS)

990 Fifth Avenue (Credit: BHS)

During a particularly down time for the Upper East Side co-op market, the Nasser family is putting a Fifth Avenue penthouse on the market for… $52 million!

The home, at 990 Fifth Avenue, was bought by the family in the early 1980s, the Wall Street Journal reported. The 14-room triplex features hand-carved moldings, five fireplaces and large windows facing Central Park. It also includes a private entry gallery, a dining room that seats 14 people, a library and a terrace that surrounds the master suite. The building was designed by Rosario Candela, and the apartment was recently renovated.

The family made its fortune in textile manufacturing, Rafael Nasser told the Journal. Sotheby’s International Realty’s Harry Nasser, who’s Rafael’s cousin, has the listing.

The listing is coming to market as UES co-ops have become a tougher sell. They’ve long been part of a prestigious and exclusive club — but a flood of brand-new projects have shifted some demand away. The change comes especially as more people are opting for the latest amenities, avoiding board approval or attaining more flexible financing.

Nasser listed the home several times prior to a renovation, most recently in 2014 for $50 million. He told the Journal that the previous aesthetic didn’t help snag a deal because buyers are looking for a more contemporary look. [WSJ] — Meenal Vamburkar