Carnegie Hill | NYC Co-op Apartment Sales
NY coops and cooperative apartment sales: prices, buyers, sellers, details, and deals
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Category — Carnegie Hill

Goldman Director, Wife Pay $7.3M for 1100 Park Ave Co-op

Kathryn Roche, a brand management consultant at LaPlaca Cohen and Goldman Sachs managing director Harold P. Hope III, just paid $7.303 million for an enormous 11-room co-op apartment at 1100 Park Avenue.

Roche and Hope have been married 4½ years.

According to public records, the seller was Stephanie Griswold, daughter of the late Robert Fairchild, a member of the Fairchild family publishing dynasty.

Griswold sold high and bought low: she closed on a 2 bedroom penthouse co-op at 49 east 96th Street last fall, paying just $1,736,875. That’s a wise strategy.

The dining room and living room in this Carnegie Hill co-op overlook Park Avenue, while the master bedroom, a second bedroom, and the library face East 89th Street.

Curiously, this co-op has no less than three maid’s rooms. One maid’s room is currently a home office and another is used as a storage room.

Don’t worry: for $7.3 million, Hope and Roche also get another private storage room in the co-op’s basement, adjacent to the cooperative’s own “state-of-the-art” gym.

There appears to have been a bidding war on this high-floor co-op, since it sold for $103,000 over the original $7.2 million asking price.

Hope must have had a banner year at Goldman Sachs, despite the SEC’s lawsuit against his firm, and Goldman Sachs’ just-released stellar quarterly earnings report.

Brown Harris Stevens Managing Director and SVP Alina Pedroso had the exclusive, getting a contract signed in exactly three weeks after it went on the market in November 2009.

Photo credits: Brown Harris Stevens

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April 20, 2010   1 Comment

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.

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March 2, 2010   No Comments

Finance Guy Pays $5.5M For Bon-Ton Executive Director’s Upper East Side Co-op

George Brokaw, Director, North American Energy Partners, Inc.Perry Capital Managing Director George R. Brokaw just paid the $5.5 million asking price for an enormous 8 room pre-war co-op apartment at 33 East 70th Street, according to New York City public records.

According to Forbes, Brokaw is also a Director at North American Energy Partners, Inc. which makes money by providing “mining, heavy construction, industrial, piling and pipeline services in Western Canada.”Brokaw was formerly a Managing Director of M&A at Lazard Frères & Co. LLC, where he worked from 1996 through May 2005. Prior to that he was an investment banking associate at Dillon Read & Co. from 1994 to 1996, Brokaw earned his B.A. from Yale, and a joint J.D. / M.B.A. degree from the University of Virginia.

M. Thomas “Tim” GrumbacherThe sellers were Bon-Ton department store Executive Chairman of the Board M. Thomas “Tim” Grumbacher and his wife Nancy Grumbacher. They bought a cooperative apartment further uptown at 1133 Fifth Avenue in Carnegie Hill. The Grumbachers’ new building was designed by acclaimed New York architect Emory Roth in a neo-Federal style, and built in 1927-28.

Grumbacher’s family started the Bon Ton empire in 1898 when Tim’s father Max Grumbacher and his father, Samuel opened a a one-room millinery and dry goods store in Pennsylvania.

Sotheby’s real estate broker and SVP Louise Beit had the exclusive for this listing.Located between Fifth and Madison Avenues, with fabulous views overlooking Madison, Beit pitched the apartment as:

One of the finest prewar coops steps from Central Park. Wonderfully gracious and light apartment with oversized rooms, large windows, 10′ ceilings, wood-burning fireplace, and herringbone floors.Elegant entrance gallery, grand-scaled living room, and formal dining room complete the entertaining space.3 oversized bedrooms or library and 2 bedrooms, spacious kitchen with breakfast area ideal for family gatherings, 2 maids’ rooms, and bath.

All that space for one buyer? Jeez!

Brokaw’s neighbors include financial maven and philanthropist Evan Behrens of the now defunct Behrens Rubinoff Capital Partners, and his wife Dara Behrens. According to New York City public records, they paid $6.25 million for their co-op apartment in April 2007.

Another neighbor in the money business is Alan Mnuchin. He paid $7,250,000 for his upstairs apartment in September 2006, according to public records. Munchin is the banker who walked away from his position at Lehman Brothers to set up his own shop and do a brilliant deal. He helped NBC buy Vivendi Universal. He earned NBC’s loyalty many times over when his client closed the deal to buy the entertainment giant for $14 billion.

Other neighbors include Harlan and Debra Peltz who also bought an 8-room apartment in the building that listed for $4.87 million in 2006. Harlan is a Co-Founder and Partner at Peltz Capital Management.

Photo credits: North American Energy Partners, The Bon-Ton Stores, Inc.

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April 22, 2008   No Comments