$10M Paid for Stanhope Hotel Co-op Apartment on Lower Floor

Hedge fund executive Paul J. Solit and his wife Julie Berman Solit just paid $10 million for a renovated lower floor co-op apartment in the historic Stanhope Hotel at 995 Fifth Avenue.

According to the developer’s floor plans, the apartment has 5 bedrooms, 5 1/2 bathrooms, an enormous living room overlooking Fifth Avenue, Central Park and the Metropolitan Museum of Art. The generously sized kitchen can also be used as a family or media room. At 280 square feet, the dining room is rather grand, particularly with incredible light and views from Fifth Avenue and the park.

The luxury hotel was converted into cooperative apartments instead of condos by the developers for legal reasons. According to the New York Times, Extell Development was only able to “lease the land under the Stanhope…with annual rent charges on” it. That means shareholders owning half-floor apartments will have maintenance charges starting at $9,000 per month. Imagine the maintenance on a full-floor apartment!

There are a total of 26 co-ops at the Stanhope. Luxury amenities include private spa and workout facilities from La Palestra, a sommelier for the entire building from the country’s oldest wine shop, Acker, Merral & Condit, and a high-tech concierge service that lets shareholders deal with valet parking, takeout deliveries, control A/C and heating in your apartment, and more.

Just how big is the Solit’s half-floor apartment? According the developer the half-floor units start at 4100 square feet, and the largest full-floor apartments can have 8,400 square feet. The kitchens have an English touch with Smallbones Devizes ‘beespoke’ cabinetry. Bathroom fixtures crafted by Lefroy Brooks are also from the U.K.

According to city records, it appears the Solit’s purchase includes not only their apartment, but also separate unit for staff quarters.