Famed art dealer’s $20M co-op tops Manhattan luxury contracts

Robert Mnuchin’s Fifth Ave apartment and a nearby Lenox Hill townhouse asking $19M each found buyers last week

New York /
Apr.April 11, 2022 12:00 PM

Robert Mnuchin in front of 944 Fifth Avenue (Getty Images, Google Maps, iStock)

A full-floor apartment at 944 Fifth Avenue topped Manhattan’s luxury contracts last week — the first time in six months that the borough’s priciest home sale involved a co-op, rather than a condo or townhouse.

The Lenox Hill home was last asking $20 million, according to Olshan Realty’s weekly report, reduced from $25 million when it was previously listed in October. The seller, art dealer Robert Mnuchin — the father of former Treasury Secretary Steven Mnuchin — paid $20 million for the co-op in January 2008.

The four-bedroom, three-bathroom unit includes a 42-foot living room overlooking Central Park, an exercise studio and a kitchen with a walk-in pantry.

The second-priciest home to enter into contract last week was a townhouse at 123 East 61st Street, also in Lenox Hill, asking $18.8 million — unchanged from when it first hit the market in February 2021. The seller paid $12 million for the home in 2015 before gut renovating it in a contemporary style, according to Olshan’s report.

The townhouse has a stucco facade and spans 9,200 square feet across six floors, including seven bedrooms, a garden and a rooftop terrace.

In total, 39 contracts were signed between April 4 and April 10 for homes asking $4 million and above. The homes’ asking prices totaled $297 million, with a median of $6 million. There was an average 5 percent discount from the original to last asking price, and the units spent an average of nearly two years (707 days) on the market.

Twenty-eight of the 39 units were condos, seven were co-ops and four were townhouses. Of the 28 condos, 19 were sponsor units sold by developers.





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