791 Park Avenue Buyer Knocks $820K from Co-op’s $10M List Price

How low can you go? That’s a question that co-op apartment owners at 791 Park Avenue are probably asking themselves following buyer Gary Gelman’s purchase of a fifth-floor cooperative in the building located at East 74th Street.


Gelman knocked $820,000 off of the apartment’s original $9.95 million list price, paying $9.175 million.

Those are some great negotiation skills, especially when the sellers are Bear Stearns Director Daniel Keating and his wife Janet Keating. Looks like the investment bank’s debacle may have led the Keatings to quickly sell their Park Avenue co-op for eight-figures, and relocate to a 4-figure rental apartment in Waterside Plaza along the East River.

The sellers’ listing agent was Halstead broker Nancy Coffey (inset).

The apartment is huge. It has 4-bedrooms and 4½ bathrooms with approximately 3,700 square feet over eleven rooms. Monthly maintenance charges were $3,800 at the time it was on the market. The 14-floor pre-war co-op is pet-friendly, has its own gym, and storage space for shareholders.

Fancy kitchen accoutrements include a culinary space chock full of high-end appliances, a butler’s pantry, custom cabinetry, and a breakfast nook.

Did the buyer need a room for his books or to smoke a stogie after a hard day of making money? He’s got it: one of the bedrooms was transformed into a wood-paneled library.