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Owner of 740 Park duplex slashes asking price to $22M

Investor Peter Huang has owned the co-op since the 1970s

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/740-Park-Avenue-New-York-NY-10021/1013860033-0" target="_blank" data-address="740%20Park%20Avenue%2C%20New%20York" data-label="740%20Park%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F740-Park-Avenue-New-York-NY-10021%2F1013860033-0" data-bbl="1013860033" data-blockValue="01386" data-lotValue="0033" data-zipcode="10021" data-bldgArea="273%2C583" data-bldgDepth="217" data-bldgFront="100" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="22%2C476" data-lotFront="102.17" data-lotDepth="220" data-retailArea="0" data-resArea="259%2C583" data-officeArea="14%2C000" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D4" data-primaryZoning="R8B" data-commercialOverlay="" data-far="4" data-buildable="89%2C904" data-airRights="-183%2C628" data-propertyNeighborhood="Lenox%20Hill" data-latitude="40.7708482677832" data-longitude="-73.9647406739466" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F740-Park-Avenue-New-York-NY-10021%5C%2F1013860033-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F740-Park-Avenue-New-York-NY-10021%5C%2F1013860033-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">740 Park Avenue</a> (Credit: Google Maps)

740 Park Avenue (Credit: Google Maps)

In a sign of just how soft the market’s become for luxury co-ops, the owner of a duplex at 740 Park Avenue is now offering his apartment for $22.5 million — nearly 25 percent off the original asking price.

The 7,500-square-foot unit, located at one of the Upper East Side’s most prestigious addresses, is priced at $3,000 per square foot following the price chop. The five-bedroom apartment first hit the market in 2013, when it was listed at $29.5 million. With no takers, the unit was pulled off the market, only to return in 2015 asking $27.5 million.

The pad is owned by investor Peter Huang, who purchased it in the 1970s, according to Michael Gross’ book, “740 Park: The Story of the World’s Richest Apartment Building.”

Located on the fourth and fifth floors of the tony Rosario Candela-designed building, the apartment has 41 windows with north, south and west exposures. It features an eat-in chef’s kitchen, library and three wood-burning fireplaces. The master suite is accessible via an original marble staircase. Compass’ Kyle Blackmon has the listing.

One of the city’s marquee apartment buildings — whose famous residents have included Jacqueline Kennedy Onassis and John D. Rockefeller — is now home to designer Vera Wang, Blackstone’s Stephen Schwarzman and billionaire David Koch. In 2014, hedge funder Israel Englander bought an 18-room apartment at 740 Park for $71.3 million.

But the market’s changed a lot since then. Co-op sales above $4 million dropped 26 percent year-over-year in 2016, according to a recent analysis by the Wall Street Journal.

740 Park also hit a rough patch last year amid a flagging luxury market, when its limestone facade began to crumble.  And a fire that tore through a sixth-floor apartment caused extensive damage to apartments owned by Koch and hedge funder David Ganek, who owns Jackie O’s old home. Unrelated to the damage, Ganek — who listed the apartment for $44 million in 2014 — has also cut the asking price of the unit to $29.5 million.

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Popular
New York

Owner of 740 Park duplex slashes asking price to $22M

Investor Peter Huang has owned the co-op since the 1970s

<a class="lavamap_link" style="text-decoration: none !important; color: inherit; box-shadow:none !important; pointer-events: none; cursor: default;" href="https://lavamap.com/property/740-Park-Avenue-New-York-NY-10021/1013860033-0" target="_blank" data-address="740%20Park%20Avenue%2C%20New%20York" data-label="740%20Park%20Avenue" data-url="https%3A%2F%2Flavamap.com%2Fproperty%2F740-Park-Avenue-New-York-NY-10021%2F1013860033-0" data-bbl="1013860033" data-blockValue="01386" data-lotValue="0033" data-zipcode="10021" data-bldgArea="273%2C583" data-bldgDepth="217" data-bldgFront="100" data-landUse="Multifamily%20elevator%20buildings" data-lotArea="22%2C476" data-lotFront="102.17" data-lotDepth="220" data-retailArea="0" data-resArea="259%2C583" data-officeArea="14%2C000" data-garageArea="0" data-strgeArea="0" data-factryArea="0" data-otherArea="0" data-bldgClass="D4" data-primaryZoning="R8B" data-commercialOverlay="" data-far="4" data-buildable="89%2C904" data-airRights="-183%2C628" data-propertyNeighborhood="Lenox%20Hill" data-latitude="40.7708482677832" data-longitude="-73.9647406739466" data-moreList="%5B%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FviewOnMap.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F740-Park-Avenue-New-York-NY-10021%5C%2F1013860033-0%22%2C%22urlLabel%22%3A%22View%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2Fownership.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Flavamap.com%5C%2Fproperty%5C%2F740-Park-Avenue-New-York-NY-10021%5C%2F1013860033-1%22%2C%22urlLabel%22%3A%22View%20Ownership%20on%20LavaMap%22%7D%2C%7B%22icon%22%3A%22https%3A%5C%2F%5C%2Fcdn.lavamap.com%5C%2Fwp-lavamap-link%5C%2Fpublic%5C%2Fimg%5C%2FleaseComps.svg%22%2C%22url%22%3A%22https%3A%5C%2F%5C%2Ftherealdeal.com%5C%2Fnew-research%22%2C%22urlLabel%22%3A%22TRData%22%7D%5D" data-articleList="%5B%5D" rel="noopener noreferrer">740 Park Avenue</a> (Credit: Google Maps)

740 Park Avenue (Credit: Google Maps)

In a sign of just how soft the market’s become for luxury co-ops, the owner of a duplex at 740 Park Avenue is now offering his apartment for $22.5 million — nearly 25 percent off the original asking price.

The 7,500-square-foot unit, located at one of the Upper East Side’s most prestigious addresses, is priced at $3,000 per square foot following the price chop. The five-bedroom apartment first hit the market in 2013, when it was listed at $29.5 million. With no takers, the unit was pulled off the market, only to return in 2015 asking $27.5 million.

The pad is owned by investor Peter Huang, who purchased it in the 1970s, according to Michael Gross’ book, “740 Park: The Story of the World’s Richest Apartment Building.”

Located on the fourth and fifth floors of the tony Rosario Candela-designed building, the apartment has 41 windows with north, south and west exposures. It features an eat-in chef’s kitchen, library and three wood-burning fireplaces. The master suite is accessible via an original marble staircase. Compass’ Kyle Blackmon has the listing.

One of the city’s marquee apartment buildings — whose famous residents have included Jacqueline Kennedy Onassis and John D. Rockefeller — is now home to designer Vera Wang, Blackstone’s Stephen Schwarzman and billionaire David Koch. In 2014, hedge funder Israel Englander bought an 18-room apartment at 740 Park for $71.3 million.

But the market’s changed a lot since then. Co-op sales above $4 million dropped 26 percent year-over-year in 2016, according to a recent analysis by the Wall Street Journal.

740 Park also hit a rough patch last year amid a flagging luxury market, when its limestone facade began to crumble.  And a fire that tore through a sixth-floor apartment caused extensive damage to apartments owned by Koch and hedge funder David Ganek, who owns Jackie O’s old home. Unrelated to the damage, Ganek — who listed the apartment for $44 million in 2014 — has also cut the asking price of the unit to $29.5 million.

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