If anyone knows that co-ops have lost some stature with luxury buyers, it’s Michael Lorber.
The Douglas Elliman broker — and son of Elliman chair Howard Lorber — paid $7.4 million for a co-op at 730 Park Avenue with his husband, the New York Post reported. The purchase price came in at a $10 million discount compared to what the seller listed it for two years ago.
That seller knows a little something about the real estate market himself. Edward J. Minskoff Equities chair Edward Minskoff listed the home in 2022 for $17.7 million. The developer decided to put the home on the market when he decided to move to a 9,000-square-foot duplex penthouse at 17 Jane Street in the West Village, a project his firm developed.
Minskoff purchased his unit in the 1980s for $210,000.
There are a few details about the building that can explain Minskoff’s willingness to take a deep discount on his own listing price. For starters, monthly charges in the building can be in the low five-figures. Additionally, the building’s board requires buyers to pay in all-cash, curtailing all but the wealthiest of buyers and limiting the pool of those able to pony up.
Lorber and his husband are getting a four-bedroom, four and a half bathroom apartment, accessible via a private elevator. There’s a large corner living room with a wood-burning fireplace, a 20-seat formal dining room, a wood-paneled library and Central Park views.
The Lenox Hill building also has a fitness room, private storage bins and a live-in resident manager.
Madeline Hult Elghanayan of Douglas Elliman shared the listing with Burt Savitsky of Brown Harris Stevens.
Minskoff’s move to the West Village puts him in good company, as the first buyer at 17 Jane Street was actress Jennifer Lawrence, who paid $21.9 million for a duplex. Other prominent Minskoff developments include 51 Astor Place and 101 Avenue of the Americas.
— Holden Walter-Warner
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