1165 Fifth Avenue Classic 6 Sells for $1.2M!

This co-op apartment at 1165 Fifth Avenue was a sweet, sweet deal.

This classic 6 maisonette co-op apartment in a pre-war building at 1165 Fifth Avenue and East 98th Street just sold for $1.2 million, an amazing 32% less than the co-op’s original $1,775,000 list price when it first went on the market in April 2007.

Who would have ever imagined buying a classic 6 on Fifth Avenue for $1.2 million?

The buyers, orthopedic surgeon MacEllis K. Glass, M.D. and Corcoran Senior Vice President Martha Friedricks-Glass, that’s who.

According to public records, seller Rogih Yazgi, a Harvard Law School graduate, appears to have relocated back to his Florida roots.

The apartment has some amenities that many co-op shareholders lack, like central air conditioning, a washer and dryer, a storage bin assigned to the apartment, and gym for residents in the co-op’s basement.

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This pet-friendly co-op is across the street from Mount Sinai Hospital and next to the St. Bernard’s School for boys, a private school that currently costs $33,270 a year to attend (don’t worry: for that price, lunch is included).

1165 Fifth Avenue Classic 6 Co-op Apartment

Monthly maintenance for the apartment was listed at $2,030. The co-op requires potential shareholders to have at least 50% of the purchase price, limiting finance to 50% of the sale price.

It appears that part of the reason why the apartment sold for so little is that it:

• Is a first floor apartment.
• To enter, owners and visitors must walk up steps inside the building’s lobby.
• The apartment appears to be located adjacent to the bustling St. Bernard’s School for boys, with considerable daytime activity.

After being on the market for 2½ years, the seller must have been motivated to drop the price as much as she did.