UPDATED, Aug. 19, 2020, 6:38 p.m.: The elusive Covid discount has claimed another victim. This time it’s a two-floor co-op at a prestigious Park Avenue address with a renowned owner.
U.S. Treasury Secretary Steven Mnuchin has relisted his five-bedroom unit at 740 Park Avenue asking for $25.75 million, a 20 percent cut from when he put it on the market two years ago for $32.5 million, the New York Post reported. Manhattan’s luxury market has been giving up gains since about 2017.
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Mnuchin bought his co-op about two decades ago for $10.5 million from his aunt Carol Lederman, who is a broker at Warburg Realty and is handling the listing for her nephew alongside her daughter, Judy Kloner.
740 Park is home to a collection of New York’s wealthiest, including Blackstone Group CEO Stephen Schwarzman, Alice and Thomas Tisch, Ronald Lauder, hedge funder Israel Englander, investor J. Ezra Merkin and others. The late David Koch and his wife Julia also lived in the building.
Write to Erin Hudson at ekh@therealdeal.com
Correction: This story was updated to clarify that David Koch died last year.