There is such a thing as “Too Many Trophies”

And suddenly there is only one 740 Park apartment on the market—Serena Boardman of Sothebys’ listing of the apartment (4/5C) formerly occupied by the late Randolph and June Speight. Aging I-banker Peter Huang’s duplex next door (4/5D), which had been listed at $38 million (maintenance $10,574), is not (despite reports here and elsewhere) in contract. Rather, it’s off the market. So is the Courtney Sale Ross double duplex (12/13 C&D), which was never formally on the market, but was being not-so-quietly floated by the broker Edward Lee Cave. Reports had the Ross apartment unlisted at $60 million; actually the widow of the Time-Warner mogul Steve Ross was looking for $75 million, my sources say, but yanked it due to lack of interest. And Huang? He’s hanging, waiting to see what happens with the Speight place. “There are too many trophy apartments on the market now,” says a broker in the know. Now, you know, too. One more rich little bonus detail, unreported until now: The 740 flip tax is 3%—paid by the purchaser.

One Response to “There is such a thing as “Too Many Trophies””

Michael Gross : Whale of a Sale Sale Says:
March 2nd, 2009 at 4:25 pm
[...] So….Max Abelson of the New York Observer reports that Courtney Sale-Ross’s unofficial offer to sell her double duplex at 740 Park Avenue for $75 million–it was on the market, sort-of, and then off–is back on again. And he quotes the unlisted listing broker Edward Lee Cave asking “Who is Michael Gross?’ after Cave was told that Gripebox had reported the apartment was off the market. Cave’s memory obviously isn’t what it used to be (he did a lengthy face-to-face interview while I was reporting my book on the building), but never mind that. I’m glad to hear Sale (above with her late husband, Steve Ross of Time-Warner) is still thinking about selling the apartment she was never selling and then reaffirmed her desire to not sell. And I still hope for a small crumb of commission from Cave for raising resale values in the building. It’s tough out there for billion-heiress widows, but even tougher for journalist-authors. [...]