Sale Price Drops 29% for 1172 Park Avenue Co-op Apartment
An enormous co-op apartment on a high floor at 1172 Park Avenue just sold for $5.65 million. The apartment’s original list price was $7.95 million when it was first put on the market in October 2008, making the sale price a 29% reduction.
The 3,200 sq. ft., 9 room, 4 bedroom, 4½ bath apartment was formerly 11 rooms. It is actually a combination of two apartments.
The sun-filled living room has a very un-environmentally friendly woodburning fireplace. The wood paneled library conveys an old-world feeling.
This pre-war cooperative is one of the grand New York City apartment houses of noted 20th century architect Rosario Candela. More than any other architect of the time, Candela co-ops are the epitome of luxury and grandeur.
The sellers were Anthony Root and Pamela Root. He heads of Milbank, Tweed, Hadley & McCloy’s corporate law practice in Asia, and is the managing partner of Milbank’s Beijing and Hong Kong offices. She is a a veteran Goldman Sach’s lawyer, and a Chief Global Compliance Officer for the investment bank, having previously served as the Wall Street titan’s general counsel.
The buyers are Stuart Birdt and Ruth Birdt. Before his latest position, Stuart Birdt was a victim of the Bear Stearns debacle, but spent only about 18-months there covering the telecom sector for the bank’s Global Emerging Markets equity research team. Previously, worked as a telecom analyst at French investment house Exane BNP Paribas, and before that, at Deutsche Bank.
Sotheby’s broker Sybille Novack had the exclusive for the listing.
Monthly maintenance for the apartment is $5,619. The building has doormen and a nice-sized gym with windows.
Photos: Sotheby’s International Realty