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 421aEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoffCentral Park Tower duplex tries again for $150M Central Park Tower duplex tries again for $150M 
Residential
New York

RFR’s Fuchs pays $18M for Mnuchin’s Fifth Avenue co-op

Art dealer’s full-floor unit at 944 Fifth Ave. hit market in July asking $19M

From left: Robert Mnuchin and RFR’s Michael Fuchs with 944 Fifth Avenue
From left: Robert Mnuchin and RFR’s Michael Fuchs with 944 Fifth Avenue (Getty, City Realty)

After a false alarm and a return to the market earlier this year, art dealer Robert Mnuchin has sold his Fifth Avenue co-op to RFR Realty principal Michael Fuchs.

Fuchs, whose fim’s holdings the Chrysler and Seagram buildings, paid $18 million for the full-floor unit at 944 Fifth Avenue, property records show.

The unit appeared to have gone into contract in April with an asking price of $20 million, according to Olshan Realty’s weekly report. But the listing reappeared in July asking $19 million, down from $25 million in October 2021.

Mnuchin, the father of former Treasury Secretary Steven Mnuchin, bought the co-op in 2008 for $20 million from Jay Mantz, who is now president of Rialto Capital.

Sotheby’s International Realty’s Caroline Guthrie held the listing in July.

Sign Up for the undefined Newsletter

The 10-room apartment includes four bedrooms, four bathrooms and two half bathrooms. It’s serviced by a private elevator, which opens to a central foyer and 42-foot combined living room and library, along with an 18-foot formal dining room. The primary bedroom suite offers views of Central Park.

Read more

The 14-story, 14-unit building was erected in 1925.

Fuchs has recently made headlines for his bitter divorce proceedings from Alvina Collardeau-Fuchs, whom a London judge last month awarded £37.5 million ($44.1 million) in cash and assets to establish a “clean break” from her husband.

The couple had fully staffed homes in the West Village in Manhattan, the Cap d’Antibes in the South of France and Notting Hill in London. Court documents put the six-story, 8,000-square-foot property in the English capital, which was a source of contention in the couple’s legal battle, worth around $35 million.

The legal proceedings also shed light on Fuchs’ net worth, which he initially claimed in court documents was around $1.1 billion. However, he claimed in a later hearing reported by Bloomberg that the “turbulent economic climate” had driven it down to $600 million to $800 million.

Tags
Fifth AvenueLuxury Real Estate