Fifth Avenue Co-op Sells for $4.175M in Estate Sale

A co-op apartment on a high floor at 860 Fifth Avenue just sold for $4,175,000 in an estate sale.

This cooperative was sold by the Estate of Jerome Katz, and the buyer was Sue Ellen Rittmaster, according to New York City public records.



View Larger MapIf you want to live at this co-op, you’d better have plenty of liquid assets to do a deal. Why? The co-op board reportedly caps shareholder financing at 50% of your apartment’s purchase price.

Buyers must also pay the co-op’s 2% flip tax for each transaction. For this deal, that’ll cost the buyer $83,500. Plus, there’s New York’s 1% “Mansion Tax” since the apartment was sold for over $1 million: another $41,750.

While the co-op reportedly permits the apartment to be used as a pied-à-terres, owners may have to get Board approval for a washer and dryer. Amenities in this post-war building include doormen and a parking garage.