Domed Police Building penthouse finally sells after massive price cut

Chaus clothing heir buys co-op for $10M from former Merrill Lynch exec

New York /
Jun.June 16, 2021 05:30 PM
Ahmass Fakahany and the Police Building at 240 Centre Street (Douglas Elliman, Altamarea Group)

Ahmass Fakahany and the Police Building at 240 Centre Street (Douglas Elliman, Altamarea Group)

Not even a secret room and 360-degree views could help one Little Italy penthouse find a buyer willing to pay an ultra-high premium.

After five years and several price chops, the domed penthouse atop the historic former NYPD headquarters at 240 Centre Street finally found a buyer — for about a quarter of what the seller first expected.

Ahmass Fakahany, the former global president and COO of Merrill Lynch and his wife, Alsun Keogh, sold the 5,500-square-foot co-op at last for $10 million, property records show.

The buyer is Aaron Chaus, heir to the women’s clothing label Chaus.

The four-story unit, which was once home to fashion designer Calvin Klein and tennis player Steffi Graf, has four bedrooms, five bathrooms, two garden patios and a hidden 40-foot room behind the tower clock.

When the unit first hit the market in 2015, Fakahany and Keogh set the asking price at $40 million.

When no buyers came forward, the price was slashed repeatedly: First to $35 million in 2016, and again to less than $28 million in 2017. In 2019, it tumbled to under $20 million when Modlin Group founder Adam Modlin and Elliman’s Tal and Oren Alexander took over the listing.

The building housed the NYPD headquarters from its completion in 1909 until 1973. It was designated a New York City landmark in 1978 and converted into a luxury co-op in 1988.





    Related Articles

    arrow_forward_ios
    Douglas Elliman’s Kirsten Jordan and 2728 Thomson Avenue in Queens (Corcoran, Douglas Elliman, Getty)
    TRD Pro: Queens’ priciest home sales in the second quarter
    TRD Pro: Queens’ priciest home sales in the second quarter
    The iconic Butterfly House in Carmel (Zillow)
    Butterfly House in Carmel hits market at $40M
    Butterfly House in Carmel hits market at $40M
    Seattle Seahawks receiver and newly-licensed realtor Tyler Lockett along with 812 245th Place Northeast in Sammamish, Washington (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Redfin)
    NFL star earns his real estate wings
    NFL star earns his real estate wings
    Toll Brothers' Douglas Yearly and property at Sparks, Nevada (Toll Brothers)
    “Honey, I bought the town:” Buyer ends up with big chunk of subdivision
    “Honey, I bought the town:” Buyer ends up with big chunk of subdivision
    75 Park Lane South (Plaza Construction)
    This year’s top-selling Hudson County homes
    This year’s top-selling Hudson County homes
    (Illustration by The Real Deal with Getty)
    Housing affordability hits 33-year low
    Housing affordability hits 33-year low
    Daniel Grollo and 106 Central Park South (Photo Illustration by Steven DIlakian for The Real Deal with Getty Images)
    Trump Parc condo tied to embattled Australian construction magnate hits market
    Trump Parc condo tied to embattled Australian construction magnate hits market
    Richard Gere and Ryan Murphy with 81 Lyndel Road (Redfin, Getty)
    Celeb buyer of Richard Gere’s Westchester estate revealed
    Celeb buyer of Richard Gere’s Westchester estate revealed
    arrow_forward_ios

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

    Loading...