The penthouse of 975 Park Avenue is only new to the market insofar as its reappearance marks its third since its current owners listed it for a whopping $25 million in 2011. What's more is the owners purchased the full-floor home for only $9.9 million in 2009. The sprawling five-bedroom, five-bathroom apartment is now on the market for $22 million. What sorcery merits a $15.1 milliondropped to $12.1 millionprice hike in just five years? It sounds like the apartment's owners renovated the space to the swanky standards of other Park Avenue addresses, with touches like the requisite cross-beamed ceilings and fully-automated systems. The apartment does have a terrace that wraps around its entirety, which really is something.
The apartment was formerly owned by Tony-winning Broadway producer Howard Kagan, who sold it for $9 million in 2007.
· Listing: 975 Park Avenue, PH [Elliman via StreetEasy]
· All 975 Park Avenue coverage [Curbed]