Suzy Welch has sold her Lenox Hill co-op for a $4 million discount after a year on the market.
Welch sold the Fifth Avenue apartment to venture capitalist couple John and Barbara Vogelstein for $21 million, meaning she turned a $3 million profit on the property her late husband, General Electric boss Jack Welch, bought for $18.8 million in 2018.
The three bedroom, four full-bathroom apartment spans 5,000 square feet and has 11-foot ceilings. A private elevator leads to a marquetry-patterned entrance gallery and the living room and adjacent library have nearly 40 feet of frontage on Fifth Avenue. The living room has a wood-burning fireplace and a marble wet bar. A stairway off the kitchen leads to a suite of two staff or guest bedrooms and a full bathroom. The unit has pre-war features, including moldings, hardwood floors and mantelpieces.
Corcoran’s Deborah Grubman had the listing.
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While $21 million is nothing to sneeze at, it pales in comparison to some of the prices other units at 834 Fifth Avenue have sold for. In 2017, one unit sold for $77.5 million and another in 2019 sold for $53 million.
Welch, who works as an author, journalist and television commentator, listed the unit after buying a mansion at 160 East 81st Street for nearly $23 million last year. She bought the home from JLL board of directors member Bridget Macaskilla and her husband.
Welch did well to turn a profit on her unit, as buyers have been spurning luxury co-ops, according to Curbed. Trophy co-op units have languished on the market because many don’t allow or cap financing, and privacy-minded, ultra-wealthy buyers can disguise their identities through LLCs when they purchase condos, something co-ops don’t allow. And buyers don’t like navigating the co-op board approval process, or restrictions on when they can renovate their home.