Steven Mnuchin Sells His Park Avenue Co-Op After 21% Price Cut
(Bloomberg) -- Steven Mnuchin, Treasury Secretary under former U.S. President Donald Trump, just sold his Manhattan co-op apartment at a deep discount.
The duplex at 740 Park Ave. found a buyer last week, according to a report Monday by brokerage Olshan Realty Inc. The five-bedroom unit, on the market since September 2018, was most recently listed at $25.75 million, a 21% reduction from the original asking price of $32.5 million.
It was the most expensive co-op to sell in Manhattan in the past 18 months, said Donna Olshan, president of the brokerage. The final price won’t be known until the sale is completed and recorded with the city.
Mnuchin declined to comment on the transaction.
New York’s luxury co-ops -- a symbol of old-school prestige -- have been struggling to find buyers as new high-end condo skyscrapers proliferate across Manhattan, offering more amenities, better views and fewer rules and restrictions on daily life. As a result, luxury condos have been outselling co-ops nearly every year for a decade, Olshan data show.
This year through April 25, there were 406 deals for condos listed at $4 million or higher, compared with just 108 co-op purchases in that price category, according to Olshan.
The trend hasn’t spared 740 Park, a building that’s achieved mythic status over the decades for its exclusivity and the pedigree of its buyers, such as Millennium Management founder Izzy Englander, who set a record at the building in 2014 with a $71.3 million purchase.
Buyers at co-ops get shares in a corporation that owns the building and don’t hold deeds to their units. The boards can approve or reject buyers, and have a say on everything from how much cash purchasers must have in the bank, to how much their dogs can weigh and when they’re allowed to do renovation work.
©2021 Bloomberg L.P.