Mall magnate David Simon lists Park Ave pad for $33M

As David Simon tries to navigate his retail REIT through the coronavirus storm, he is also looking to sell one of his residential properties: A 7,200-square-foot co-op on Park Avenue.

The chairman and CEO of mall operator Simon Property Group has listed his home at 625 Park Avenue for $32.5 million. Douglas Elliman broker Richard Steinberg has the listing. That price is about $7 million less than Simon put it on the market for a few years ago.

The unit spans the entire fourth floor of the 15-story pre-war cooperative. The listing appeared on StreetEasy two days ago; Steinberg declined to comment.

Property records show Simon and his wife Jacqueline bought the co-op for $25 million in 2011. They hired Ingrao architecture firm to renovate the six-bed, seven-bathroom home, according to the listing. The unit includes a gym, wood-paneled study, screening room and separate area for staff.

Other notable residents include billionaire Ira Rennert — head of investment firm Renco Group. The building is known for its 26-room triplex penthouse, which was first home to cosmetics tycoon Helena Rubinstein.

The Simons tried to sell the unit back in 2016 for $39.5 million, StreetEasy records show.

David Simon’s total compensation package from his company last year was $10.4 million, the bulk of which was stock awards, Securities and Exchange Commission filings show. His base salary in 2019 was $1.25 million. This spring, as Covid-19 shuttered malls around the U.S., Simon Property announced that its CEO would not be paid a base salary.

Though many of Simon Property’s malls are back open, foot traffic and retail sales remain low, and some and many retailers are still withholding rent. Last month, the REIT sued one of its biggest tenants, Gap Inc., for nearly $66 million in unpaid rent.

Earlier this month, the REIT announced plans to sell $2 billion of senior notes to pay down existing debt and general corporate purposes. It also slashed its quarterly dividend for the second quarter to $1.30 per common share, from $2.10 in the first quarter.

A representative for Simon Property Group did not immediately respond to requests for comment.

Write to Erin Hudson at ekh@therealdeal.com

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