740 Park Avenue is famous for a few reasons, including these: it attracts the highest of high-profile residents, it was designed by Rosario Candela, and its tenants stick around once they've run the co-op board gauntlet. All this means the building's apartments usually find takers at some pretty hefty prices. So what exactly is wrong with 740 Park's #4/5C, which has been on the market since August 2008? The apartment was initially listed for $35 million, cut its price to $26 million in early 2009, and just chopped again to $23 million. When it first hit the market following the death of owner (and co-op board president's widow) June Speight, 740 Park expert Michael Gross predicted it would sell for around $30 million. It does use the building's lesser 71 East 71st Street entrance, but still?can that explain the carnage?
· Listing: 740 Park Avenue [Sotheby's]
· 740 Park Avenue #45C [StreetEasy]
· Old WASPs Death Yields Latest 740 Park Opportunity! [Curbed]