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The $20M Rental, And That's Not Even the Rent

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The weirdest deal on the Gold Coast this year is the one reported today by the Observer's Max Abelson at 926 Fifth Avenue. The massive 12,000sqft townhouse has been an on-and-off infuriating obsession over time, because here's the deal: the listing, which has fluctuated in price from $23.8 million down to $14.5 million, is actually just to take over the long-term lease. In 2038, the Upper East Side mansion will return to the estate of its European owners (the house was briefly listed for sale for $45 million). Who in their right mind would throw away eight figures in what is basically key money, and then pay $37,500 per month in rent to the owners? The answer is James Tisch, the CEO of the Loews Corporation, who paid $21 million to do just that earlier this year. Never mind that the current Stribling listing showed a $14.5 million asking price, and this scheme has been treading water on the market for three years. 926 Fifth Avenue, my how you confound us!
· Hot Tisch! James Pays $21 M. for Lease on Fifth Avenue Mansion [NYO]
· Listing: 926 Fifth Avenue [Stribling]
· 926 Fifth Ave. Begins Downward Spiral [Curbed]