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Motivated Seller Dumps Apartment on Neighbor for $54M

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Sheesh, you renounce your citizenship and all of a sudden you're persona non grata around the co-op! Maybe that's why Denise Rich—who did just turn in her U.S. passport to save on her taxes—accepted a seriously pricechopped offer from neighbor David Geffen for her stupendously large co-op at 785 Fifth Avenue, according to the Post. Rich was shooting for the record of most expensive co-op sale ever by asking $65 million for the 7BR/11BA 20-room penthouse, complete with recording studio and home gym overlooking Central Park (for when you really never want to let people see you sweat). Geffen was Rich's downstairs neighbor, with whom he had a leaky-ceiling dispute a few years ago; so it probably gave him great pleasure to offer $11 million under her asking price and have her accept. The entertainment mogul is going to do a major overhaul on Rich's apartment and won't move in for two years. At least he'll know who to call about construction noise.

· Geffen Gets Super-Rich Pad [NYP]
· New $65 Million Listing Is City's Most Expensive Co-op [Curbed]

The Parc V

785 Fifth Avenue, New York, NY