Former head of Kohl’s takes 50 UN Plaza PH

Jay Baker, and his wife Pat, will move in alongside the U.N. diplomatic missions of the U.S. and U.K. at the building

TRD New York /
Jun.June 20, 2019 08:00 AM
Jay and Patty Baker, 50 United Nations Plaza (inset) and the interior of Penthouse 39 (Credit: Getty Images)

Jay and Patty Baker, 50 United Nations Plaza (inset) and the interior of Penthouse 39 (Credit: Getty Images)

The top floors of 50 United Nations have in recent months been sold to diplomatic missions. Now, they’ll have to make room for a different kind of resident.

Jay Baker, the former head of department store Kohl’s, and his wife Pat have purchased a penthouse in the Turtle Bay building on the 39th floor for $16 million, according to property records filed Wednesday. At that price, the 5,893-square-foot space pencils out to $2,715 a square foot. The unit sold at a steep discount after it was initially listed for $26 million, according to Streeteasy.

The pair now resides a floor above the United Kingdom’s diplomatic mission to the United Nations, which purchased the “penthouse” on the 38th floor in March for $16 million. A floor below is the United States’ own mission to the United Nations, which the government purchased earlier this month for $15.85 million.

Each of those units also sold at a similar discount from their initial listing prices.

The 43-story building was developed by Zeckendorf Development and Global Holdings and is adjacent to the U.N. Secretariat Building. It houses other diplomatic missions, including New Zealand.

For the past 20 years, Baker and his wife have donated millions of dollars to retail and fashion education causes. He previously worked as chief executive and president of Kohl’s from 1986 — when he purchased the retailer with two partners — and oversaw its initial public offering in 1992 before he retired from the company in 1999.


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

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”

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

Here are the week’s top luxury sales
29 Beekman Street (Credit: StreetEasy; Google Maps)

Midtown East mansion with ties to shah of Iran gets another steep price chop

Midtown East mansion with ties to shah of Iran gets another steep price chop
301 East 80th Street and the penthouse at 112 Franklin Street (Credit: Beckford Tower and Atelier)

The highs and lows (mostly lows) of luxury-market dealmaking

The highs and lows (mostly lows) of luxury-market dealmaking
Vornado Realty Trust’s Steven Roth and 220 Central Park South (Credit: Roth by Bruce Glikas/FilmMagic; Jim.henderson via Wikipedia Commons)

Vornado inks another $52M closing at 220 Central Park South

Vornado inks another $52M closing at 220 Central Park South
Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)

John Legend, Chrissy Teigen snap up another Nolita penthouse

John Legend, Chrissy Teigen snap up another Nolita penthouse
Marc Jacobs with 68 Bethune Street (Credit: Jacobs by Randy Brooke/WireImage; Townhouse by Nest Seekers via StreetEasy)

Marc Jacobs gets what he paid for West Village pad: $10.5M

Marc Jacobs gets what he paid for West Village pad: $10.5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...