Toll sells penthouse at 1110 Park for $17.25M — a 50% discount

Buyer closed on June 28, narrowly avoiding the new mansion and transfer taxes

Jul.July 09, 2019 02:30 PM
Toll Brothers' David Von Spreckelsen and 1110 Park Avenue penthouse

Toll Brothers’ David Von Spreckelsen and 1110 Park Avenue penthouse

Four years after hitting the market, the penthouse at Toll Brothers’ 1110 Park Avenue sold for $17.25 million — nearly 50 percent off the original $35 million asking price.

Records show the buyers, Michael and Frida Vasinkevich, went into contract on June 21 and closed on June 28, narrowly missing the new mansion and transfer tax on high-end homes that went into effect July 1. According to FINRA, Michael Vasinkevich is licensed financial adviser with Rodman & Renshaw, a subsidiary of investment bank H.C. Wainwright & Co.

Spanning 7,000 square feet, the Upper East Side triplex has five bedrooms and a 1,443-square-foot roof terrace, in addition to a 221-square-foot patio off the living room. The sale price works out to $2,464 per foot.

Pennsylvania-based Toll Brothers first listed the penthouse in 2015, at the height of the city’s condo boom. The 16-story building has just nine units.

After several discounts and broker swaps, the penthouse was most recently asking $21.9 million, according to StreetEasy.

“We had the contract signed just in the last two weeks and closed prior to July 1 in order to avoid the increase in the mansion and transfer taxes,” said Douglas Elliman’s Tamir Shemesh, who was marketing the unit on behalf of the sponsor. Elliman’s Eva Penson and her team represented the buyer.

According to Shemesh, the building is now sold out. Unit H, a four-bedroom last asking $13.49 million, is set to close in the next few weeks. The penthouse buyers were local, he said, and had been looking for a long time before landing at 1110 Park.

In addition to a price chop, Toll Brothers also redrew the penthouse’s floor plan to attract a buyer. Specifically, the developer created a great room by tearing down a partition between the living and dining rooms.

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