May continues to be a record-breaking month for Manhattan real estate, as the sale of a Park Avenue apartment proved to be the most paid for a co-op in city history. The 30-room unit is spread out over two of 740 Park Avenue's floors, one of New York City's oldest, highest-profile residences. Although the childhood home of Jacqueline Kennedy Onassis was initially listed at $60 million, it was purchased for $52.5 million by investor Howard Marks.
The sellers of the co-op originally bought the apartment for $8 million in the 1980s. Two units were combined to create a palatial-sized home, encompassing eight bedrooms, 10 bathrooms, six terraces, seven fireplaces, and two dining rooms. 740 Park Avenue is renowned for its billionaire residents, including Stephen Schwarzman and David Koch, and gaining co-op board approval to live at this notoriously uncompromising building is an accomplishment in its own.
Before this sale, a $48 million transaction for an apartment at 1060 Fifth Avenue set the record for the highest paid co-op in the city. However, the $52.5 million sale is only a fraction of what we saw last week, with the $90 million One57 transaction setting the bar as most expensive apartment sold in New York City. The $88 million sale at 15 Central Park West can also be added to the list of apartments attracting big spenders, proving to be an additional challenge to 740 Park. At the end of the day, 740 Park is still one of the city’s most impressive addresses, and this recent sale proves a prewar co-op can still hold ground.