Pet Entrepreneur's UES Condo Lands A Buyer

After seven years of searching, a pet product investor finally found a buyer for his Upper East Side condo.

The sixth-floor apartment at 838 Fifth Avenue, asking just under $25 million, was the priciest home to snag a signed contract in Manhattan last week, according to Olshan Realty’s weekly report.

Allen Simon, the inventor of the Wee Wee Pad, and his wife, Cynthia Simon, bought the apartment from the sponsor for just under $11 million in 2000. The couple sought to offload the condo nearly 20 years later with a $42 million asking price.

The 5,400-square-foot pad drifted on and off the market for several years and cycled through three brokerages before landing an inked deal. The contract includes two storage bins and a studio apartment.

The unit, which is due for renovation, has three bedrooms, five bathrooms and three fireplaces. It also features views overlooking Central Park and a private elevator. Amenities in the building, one of few condos lining the east side of the park, include a doorman and gym.

Compass’ Kyle Blackmon, Samantha Shuman and Ethan Mahgerefteh had the listing.

The condo was one of 36 homes in Manhattan asking $4 million or more to find buyers between March 10 and March 16. The total — just one pending deal higher than the previous period — included 11 contracts signed for homes asking $10 million or more, the largest number of contracts for trophy properties since December.

The second and third most expensive homes to enter contract were two condos at 111 West 57th Street, both asking roughly $21 million, down $10 million from their asking prices when the developers started marketing them from floorplans in 2016.

Units 69 and 70, which were sold to different buyers, each span 3,900 square feet and have three bedrooms and three bathrooms. They also feature 14-foot ceilings and views of Central Park.

The Nikki Field Team with Sotheby’s International is heading sales at the Billionaires’ Row building, developed by JDS Development, Property Markets Group and Apollo. Amenities include a fitness center, pool, terrace and private dining room.

Of the 36 properties, 27 were condos, five were co-ops and four were townhouses.

The homes’ combined asking price was $323 million, for an average price of $9 million and a median of $6.5 million. The typical home spent more than 1,000 days on the market and was discounted 14 percent from the original listing price.