Michael Gross wrote the book on 740 Park Avenue (literally), and he reports on his blog that Unit 4/5A?owned by the estate of Mosler safe heiress Janet Coleman?has just traded hands for a whopping $32 million. The duplex became available when Coleman passed away last spring. Gross points out that this low-floor apartment was the building's first Jewish-owned residence, meaning that it proved once and for all that Jews could overpay for Manhattan real estate just like everybody else. The purchase, which one broker calls "ridiculous," was done without the services of a broker. No word on the identity of the eager buyer as of yet. Those looking at 740 Park as a gauge of the luxury market will note that Vera Wang recently paid $23 million for her late father's duplex, and the two-bedroom penthouse was asking $27.5 million. Also, those looking at 740 Park as a gauge of the luxury market are being quite foolish. This building plays by its own rules.
· Better Than a Mosler Safe [mgross.com]
· Another Vacant Duplex in 740 Park; Earth's Orbit Stalls [Curbed]