In yet another sign of the weakening ultra-luxury market, former Avon CEO Andrea Jung sold her apartment at Toll Brothers’ 1110 Park Avenue for $17 million — a $600,000 loss on what she paid last year.
Jung, now the president and CEO of microfinancing group Grameen America, paid $17.6 million for the five-bedroom, 5,702-square foot duplex in June 2016, the New York Post reported. She then listed it for $18 million in January, according to the newspaper, but didn’t find a buyer willing the shell out that much. The unidentified buyers are from Asia and used an LLC for the purchase.
The 16-story building at 1110 Park Avenue has just nine units, and it’s one of the buildings where Toll Brothers had previously reduced prices. A unit in the building is currently on the market for $16 million, down from the $20 million it was first asking in 2015.
In the August issue of The Real Deal, we ranked the buyers who’ve had the greatest losses in the city’s condo market. [NYP] — Miriam Hall