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World Might End as Upper East Side Pads Sell for Only $28M

In the midst of the winter slowdown, not one but two PriceChopper Hall of Fame honorees have finally found buyers, both at 778 Park Avenue. First was the William F. Buckley Jr. maisonette, which sold last week to a Rockefeller couple. The duplex started out asking $24.5 million, was last asking $10 million, and sold, the Journal now reports, for only $8.75 million (after a recent marketing effort "focused on the curved stair case and the marble hallway, rather than on the former owners"). And then there's Brooke Astor duplex upstairs, originally listed for $46 million. PriceChops got that list price down to $24.9 million, and now a deal is close for around $20 million. Concessions could bring that price down even more. The two sales have brokers so panicked that they're willing to admit to the Journal "the evidence of the collapse of the bubble in the luxury market." Ruh-roh! Said one, "Everybody is waiting for these deals to close because they will set a new tone for the market." Is the apocalypse near on the Upper East Side? Or will this, like past rumors of the neighborhood's demise, prove to have been greatly exaggerated?
· A Drag on Prices on Park Avenue [WSJ]
· Park Avenue's Red Room Passes Between Famous Families [Curbed]
· Brooke Astor Apartment to Sell for $27M Off? [Curbed]

778 Park Avenue

778 Park Avenue, New York, NY 10021