1 Fifth Avenue Co-op Sells for $3.175M, Many Price Drops

Robert J. McCann , the new CEO of UBS Wealth Management Americas and member of the UBS AG Group Executive Board, and Cynthia M. McCann just paid $3.175 million for a 3 bedroom co-op apartment at One Fifth Avenue in Greenwich Village, according to public records.

The 6½-room, 3 bedroom, 3 bathroom apartment has a monthly maintenance of $3,295.89, and $329.59 monthly assessment; maintenance is 50% tax-deducitble. The co-op permits up to 65% financing.

The sellers were Arnold Lippa, Senior Managing Director of Aurora Capital, LLC, an investment bank for bioscience and pharmaceutical companies, and the artist Linda Lippa

This co-op sale was faced with some challenges, no the least of which has been the country’s financial crisis that hit hard in the summer of 2008 when it was first put on the market. Broker Ann Weintraub had the exclusive, listing it for $4.95 million in August 2008.

Starting in February 2009, however, the offering price began dropping quickly. First to $4.55M, then $4M a month later, followed by $3.85M, then $3.5M in May. In September, the offering price dropped to $3.275M.

Weintraub tried to generate an even bigger deal, attempting to add another apartment that would have brought the total square footage to over 3,300 square feet for $5.475M. Such a combination would have created a 10-room, 6 bedroom, 5 bath apartment.

Photo: Flickr/wallyg