search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aParkmerced's $1.8B debt heads to special servicingParkmerced's $1.8B debt heads to special servicingJavier Cervera wins lawsuit against hedge funder Mark Brodsky tied to Gables Estates mansionJavier Cervera wins lawsuit against hedge funder Mark Brodsky tied to Gables Estates mansionHarry Macklowe faces major losses on Miami, Midtown projectsHarry Macklowe faces major losses on Miami, Midtown projects
Residential
New York

Steven Mnuchin relists Park Avenue pad for 20% less

Treasury secretary now asking $25.75 million for five-bedroom co-op

Steven Mnuchin and 740 Park Avenue (Mnuchin by Alex Wong/Getty Images; Google Maps)
Steven Mnuchin and 740 Park Avenue (Mnuchin by Alex Wong/Getty Images; Google Maps)

UPDATED, Aug. 19, 2020, 6:38 p.m.: The elusive Covid discount has claimed another victim. This time it’s a two-floor co-op at a prestigious Park Avenue address with a renowned owner.

U.S. Treasury Secretary Steven Mnuchin has relisted his five-bedroom unit at 740 Park Avenue asking for $25.75 million, a 20 percent cut from when he put it on the market two years ago for $32.5 million, the New York Post reported. Manhattan’s luxury market has been giving up gains since about 2017.

Read more

Sign Up for the undefined Newsletter

Mnuchin bought his co-op about two decades ago for $10.5 million from his aunt Carol Lederman, who is a broker at Warburg Realty and is handling the listing for her nephew alongside her daughter, Judy Kloner.

740 Park is home to a collection of New York’s wealthiest, including Blackstone Group CEO Stephen Schwarzman, Alice and Thomas Tisch, Ronald Lauder, hedge funder Israel Englander, investor J. Ezra Merkin and others. The late David Koch and his wife Julia also lived in the building.

Write to Erin Hudson at ekh@therealdeal.com

Correction: This story was updated to clarify that David Koch died last year.

Tags
Steve Mnuchin