Three blocks away from where Treasury Secretary Steve Mnuchin has listed his 5/6 bedroom condo for $32 million sits this 12-story building, now configured to include three separate 5/6 bedroom units, all of which are included in the total asking price of $29 million (a slight reduction from $31 million when it first went on the market this summer).
Previous tenants include designer Tommy Hilfiger, a few European royal family members and former creative director at Coach, Inc., Reed Krakoff. Rents have reached as high as $55,000 per month, but during the real estate downturn hovered around $40,000 per month.
When Sean Combs/Puff Daddy/P Diddy bought the entire building at 807 Park Avenue for $12 million in the late 1990s it was divided into many more smaller apartments (one of which he had lived in). Combs sold everything to developers Aion Partners in 2004 for a reported $14.3 million and it has undergone several transformations over the years. The building provides approximately 24,000 square feet of space, with each unit measuring over 5,000 square feet and the rest devoted to the lobby and other common areas. Each unit has four floors, at least five bedrooms and has a private elevator going to each floor.
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The latest iteration of the design, with interiors by IMG, is a way for the building to hold its own on such a prestigious street. Buyers eyeing a Park Avenue address are prepared to spend top dollar, and want the square footage to go along with it. But with 24,000 square feet to work with it’s a challenge to come up with enough large units to justify the price. That’s where turning it into a boutique building with fewer units brings something to the block that still has wide appeal to high-net worth buyers while also making it a profitable venture. Other enhancements include private outdoor terraces, such as this one bordered by greenery.
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Expansive closets are another of the ways to reach the high luxury mark.
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As well as large rooms designed for flexible use, like this one that is staged as a living/dining room, but is big enough to host a crowd.
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The building still has a full-time doorman, which can be negotiated as part of the sale if desired. For more pictures, the listing page can be found on Stribling’s website here.
