875 Park Ave. Co-op Sells at a loss for $1,684,000

A 5-room cooperative apartment at tony 875 Park Avenue sold last week for $1.684 million, a closing price that was dramatically less than the $1.95 million that seller Joanne McKay Herzig paid when she bought it in April 2007.

That’s a dramatic 13.6% $266,000 decrease from the original purchase price.

The buyer was Diamond District jeweler Elliot Friman of Friman & Stein, Inc. He paid $1,684,000 for the Upper East Side co-op, $211,000 (11.2%) less than the $1.895,000 asking price.

Amanda Brainerd of Warburg Realty had the listing for Herzig.

The 50-unit pre-war cooperative apartment building has doormen, a health-club, and was advertised as pet friendly.

875 Park Avenue is just around the corner from Lenox Hill Hospital and the Ramaz Upper School.

Neighbors in the building include

• Gary M. Talarico Managing Director of Sun Capital Partners, and Linda Filardi, Senior Counsel at General Electric Global Sponsor Finance. Talarico and Filardi paid $10 million for their enormous duplex co-op apartment (actually, two units) in November 2008.
• John Bown and Danielle Bown who paid $6.25 million for their co-op in April 2007.
• Weil, Gotshal & Manges attorney Jeffrey E. Tabak and Marilyn Tabak who paid just $3.7 million for their co-op and a bonus maid’s room in August 2005.
• Irwin Simon, the CEO, President and Chairman of natural foods conglomerate the Hain Celestial Group, and Daryl Simon.  In September 2004, they paid $7.85 million for a stunning combination of penthouse co-op apartments.
• Attorney Gerald Walpin and Sheila Walpin.  The distinguished litigator and former Inspector General for the Corporation for National and Community Service was summarily fired in a politically tainted move by the White House.