The sale price is less than half the property’s original 2018 asking price of US$28 million (AUD $42.5 million). The Wall Street Journal first reported the deal.
The 6,000-square-foot (approx. 557 sqm) residence, known as Penthouse B, spans three floors and includes six bedrooms, 6.5 bathrooms, and multiple entertaining spaces with sweeping views over Central Park and the Midtown skyline.
Originally owned by Craig and Deborah Cogut, (Craig Cogut is the founder of Pegasus Capital Advisors, a private equity impact-investment firm), the home was first listed seven years ago before the price was gradually reduced. The Coguts ultimately sold the property for the same amount they paid for it in 2006.
Listed with Douglas Elliman agents Sabrina Saltiel and Lauren Muss, the residence underwent a significant two-year renovation.
Upgrades include top-of-the-line finishes such as solid core mahogany flame doors, Nanz and PE Guerin hardware, and high-spec mechanical systems.
Inside, the home features five terraces, eight balconies, and six wood-burning fireplaces. The grand corner living room opens through six sets of French doors to Juliet balconies overlooking Park Avenue. The oak-panelled library offers another fireplace and views of Central Park and the Reservoir.
Other highlights include a chef’s kitchen with dual Subzero refrigerators, a six-burner Viking stove, two wall ovens, and two 132-bottle wine fridges.
The entire top floor is dedicated to a luxurious master suite, which includes a large dressing room, marble bathroom with a soaking tub and steam shower, and two terraces with panoramic city views.
Built in 1930 and designed by architect Rosario Candela, 1220 Park Avenue is one of the Upper East Side’s most prestigious white-glove co-operatives.
The building has 18 storeys, 55 residences, a private gym, and storage facilities. A 3% flip tax is paid by the purchaser.