There we were enjoying a quiet July Tuesday when, boom, a $26.75 million co-op sale hit public record. The sale is for the penthouse (or a piece of it) at 1020 Fifth Avenue?an apartment that's been inhabited by its original owners and their descendants since the building, known for its massive banks of windows, was built in 1925. The 13th- and 14th-floor duplex first hit the market in 2007 for a whopping $50 million, but as the economy has plunged, so has the asking price?to $46.5 million (so recession-friendly!) in September '08 to $39 million to, most recently, $34 million. The property transfer document mentions only the 13th-floor, so it's possible that the Kress family has decided to part with only half of its duplex at just over half of that 2007 price. Not a bad deal! The buyer appears to be finance bigwig Stephen Cyrus Freidheim.
The?to quote the brokerbabble?"terrace of mammoth proportions":
And here's the floorplan for the 13th floor:
· 1020 Fifth Avenue #PH1314 [StreetEasy]