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755 Park Owners Flipping a Recession Bargain

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Apartment 9 C/D at pre-war co-op 755 Park has had a bumpy couple of years. First listed by Brown Harris Stevens at $7.9 million in November 2008, it was price-chopped by 6% to $7.395 million in February 2009, then yanked off the market in January 2010 and re-listed a week later. Five weeks after that it suffered another price drop to $6.995 million, and then another in April, that time an 8% plunge to $6.450 million. There was some good news in September 2010, when it sold, albeit for only $5.8 million. The seller was Michelle Manolis, owner with her husband of a real estate investment and merchant bank. The buyer was Lucia Hwong Gordon, the Hawaiian-born musican and composer best known for the score of Broadway's M. Butterfly.

Gordon (at right) and her husband promptly began to renovate, putting in new windows, electricity and plumbing and re-plastering the walls. But then, says a source, her husband fell ill, and the couple reluctantly decided not to move, but rather to stay put, a few block south on Park. The high-ceilinged sunny four-bed four-and-a-half bath apartment, now bare and painted white, is ready for decorating. And at $7.45 million, it's almost a bargain, at least compared to that pre-Recession price.

755 Park Sold [Streeteasy]
755 Park Re-Listed [BHS]
Lucia Hwong [Wikipedia]