Investing in New York City
Upper East Side Mansion Joins the Ranks of the Highly Priced
Luxury condo sales on Manhattan’s Upper East Side certainly tend to lean on the side of the grandiose. The latest addition to this trend is a co-op turned partial mansion at 828 Fifth Avenue. Of the 9 total apartments that exist within the property, 4 are now on sale for the grand total of 72 million dollars. As a whole, the property would include 2 floors of the co-op, a maisonette duplex, and a penthouse complete with terrace and rooftop. The mansion is billed as potentially one of the greatest pieces of real estate that exists in Manhattan, a title that would live up to the price that this Upper East Side mansion carries.
Originally designed in the 19th century for coal baron Edwin Berwind, 828 Fifth Avenue was meant to be the pinnacle of lavish Fifth Avenue Mansions. Through a long series of conversions, 828 Fifth Avenue became at last a co-op spanning nine separate apartments, all of which a real-estate developer named Howard Ronson had his eyes on. After his death in 2007, his family had in total accumulated 72% of the holdings in the building. During their ownership period, massive periods of renovation occurred, even transforming two of the duplexes into a triplex. For Ronson himself, the dream was to unite all 9 pieces, effectively reconstructing the mansion as Berwind had initially held it. However, as it stands, the building shows an opportunity for reaching deals and settlements with other owners in the building or for housing all manners of guests and staff.
As far as sales of apartments go on the Upper East Side, 828 Fifth Avenue is not alone or totally unique in its enormously high price tag and offering. Take740 Park Avenue, for instance, with 4 bedroom apartments that start at $23 million and penthouse apartments that start at $60 million. Or The Stanhope, which boasts 4- and 5-bedroom apartments that hover around $13 million. While 828 Fifth Avenue is certainly an extreme case of a true Manhattan mansion property, it clearly is not an unexpected development. Lavishness and luxury are two concepts are still perpetuated in high and expensive style on the Upper East Side, as properties continue to pop up carrying the upper echelon in living standards—and in price tags.