960 Fifth Avenue

960 Fifth Avenue, also known as 3 East 77th Street, is a luxury apartment building on Fifth Avenue on the northeast corner of East 77th Street in Manhattan, New York.[1]

960 Fifth Avenue
General information
StatusComplete
TypeCooperative apartment building
Location960 Fifth Avenue
Coordinates
Construction started1927
Opening1928
Technical details
Floor count15
Design and construction
ArchitectWarren & Wetmore
Rosario Candela
DeveloperAnthony Campagna
Other information
Number of suites19

History
The William A. Clark House at 962 Fifth Avenue, which was torn down to build 960 Fifth Avenue

960 Fifth Avenue was built on the former site of the William A. Clark House. When Senator Clark died in 1925, his widow and daughter, Huguette Clark, moved to 907 Fifth Avenue and sold the mansion, which cost $7 million,[2] to Anthony Campagna for $3 million (equivalent to $43,736,000 in 2019) in 1927.[3] Campagana had the mansion torn down just 19 years after it was built in 1911.[4][5]

The new building was designed by Warren & Wetmore, who were responsible for Grand Central Terminal and the supervisory architects was Rosario Candela of Cross & Cross. Candela was "a 1920's architect known for grand flowing apartment layouts"[1] who had a habit of cloistering bedroom wings away from the grand entertaining rooms.[6] Dorothy Draper, the prominent interior decorator, was used as a consultant on the project.[7] Campagna used Douglas L. Elliman & Co. as his broker for the sale of the coop apartments.[8]

The building was started in 1927 and completed in 1928.[9][10][11] Apartments average 14 to 17 rooms, with 8 maids' rooms, and is one of the few in New York with its own in-house restaurant.[12] The original apartments were priced from $130,000 to $325,000 and more than 75 percent of the apartments were sold before the frame of the building was enclosed.[13] The largest initial stockholder in the building was Dr. Preston Pope Satterwhite who reportedly paid $450,000 for his 20-room apartment,[13] which was considered the most expensive cooperative sale ever paid at the time.[7]

Reputation

According to Hall Willkie, president of Brown Harris Stevens, the building, along with 820 Fifth Avenue and 834 Fifth Avenue, is one of the "three top buildings, in terms of size, quality of apartments, and price" on Fifth Avenue.[14]

Dan Dorfman of The New York Sun referred to the building as "the pinnacle of New York luxury living" and stated that "some real estate experts consider it Manhattan's premier residential building."[15]

Notable sales

In 2009, Murray H. Goodman listed his apartment at $32.5 million, but sold it to Benjamin Steinbruch two years later for $18.875 million.[16][17]

In 2013, the 11 room apartment 10/11B,[18] was listed for sale by Charles Lazarus, founder of Toys "R" Us, at $24.5 million after an initial listing of $29 million in 2011.[19] It was eventually sold in 2014 to Carlos Rodriguez-Pastor, a Peruvian businessman who is the chairman of Interbank, for $21 million. This was believed to be the same apartment once owned by Dr. Satterwhite.[7]

In 2014, the 16-room PHB apartment of Edgar Bronfman, Sr., former chairman of the Seagram Company who lived there for 40 years until his death in 2013, was listed for sale at $65 million.[20] it was bought by Nassef Sawiris, the chief executive of Orascom Construction Industries and richest man in Egypt, for a reported $70 million, the then most expensive co-op in New York.[21][6] It was the second most expensive coop sale in Manhattan in 2014 following the $71.3 million sale of a corner duplex at 740 Park Avenue to Israel Englander.[22]

In 2017, the apartment of art dealer Robert H. Ellsworth and his partner Masahiro Hashiguchi, which encompassed the entire third floor, was sold to Carlos Alejandro Pérez Dávila, a Colombian financier (cousin of Alejandro Santo Domingo) whose family once controlled SABMiller, for $55 million.[23] It was the most expensive coop sale in New York in 2017.[24] The apartment was first owned by James H. Snowden in 1928 and was a duplex along with the fourth floor.[25]

Notable residents

Past and present notable residents of the building included or include:[10][26]

See also

References
  1. Yazigi, Monique P. (November 23, 1997). "NEW YORKERS & CO.; Big, Beautiful Numbers: 820, 834, 960". The New York Times. Retrieved February 7, 2018.
  2. Hughes, Tyler (February 25, 2013). "The Gilded Age Era: 960 Fifth Avenue". The Gilded Age Era. Retrieved February 7, 2018.
  3. Gray, Christopher (June 2, 2011). "Huguette Clark's 'Worthless' Girlhood Home". The New York Times. Retrieved October 19, 2015.
  4. "'Clark's Folly' Brings Price of $3,000,000 in Sale". Pittsbugh Press. February 2, 1927. Retrieved October 19, 2015.
  5. Gray, Christopher (June 2, 2011). "Huguette Clark's 'Worthless' Girlhood Home". The New York Times. Retrieved February 7, 2018.
  6. Finn, Robin (June 13, 2014). "Big Ticket | At $70 Million, a Manhattan Co-op Sales Record". The New York Times. Retrieved February 7, 2018.
  7. Miller, Jonathan (August 1, 2014). "A Fifth Avenue Co-op's 87-Year Price Increase was 3.6X Rate of Inflation". Miller Samuel Real Estate Appraisers & Consultants. Retrieved February 7, 2018.
  8. "COOPERATIVE BUYERS.; Anthony Campagna Sells Two Suites in 960 Fifth Avenue". The New York Times. December 20, 1928. Retrieved February 7, 2018.
  9. "960 Fifth Avenue". nytimes.com. NYT Real Estate. Retrieved February 7, 2018.
  10. "Board approved: Who lives at 960 Fifth Avenue?". llnyc.com. April 13, 2016. Retrieved August 11, 2017.
  11. "BUYS IN NEW COOPERATIVE.; Mrs. W.E. Strong Purchases Apartment at 960 Fifth Avenue". The New York Times. March 20, 1928. Retrieved February 7, 2018.
  12. New York Media, LLC (May 20, 1968). New York Magazine. New York Media, LLC. p. 26. ISSN 0028-7369. Retrieved August 11, 2017.
  13. "HIGH APARTMENT PRICES.; One Owner in 960 Fifth Avenue Has Suite of Twenty Rooms". The New York Times. May 6, 1928. Retrieved February 7, 2018.
  14. Malbin, Peter (August 11, 2002). "If You're Thinking of Living On/Fifth Avenue; Culture, Convenience and Central Park". The New York Times. Retrieved February 7, 2018.
  15. Dorfman, Dan (February 9, 2007). "Rejections Of the Rich And Famous". The New York Sun. Retrieved February 7, 2018.
  16. "Fifth Avenue's Dog-in-Suit Co-op Sells at Massive Discount - Curbed NY". ny.curbed.com. Retrieved November 11, 2017.
  17. "Duplex in Über-Prim 960 Fifth Asks $32.5 M.; Last Sold for $1.4 M. in '81". Observer. Retrieved November 11, 2017.
  18. Ross, Barbara (April 22, 2015). "Billionaire might get $2.75M coop deposit back". NY Daily News. Retrieved February 7, 2018.
  19. Maurer, Mark (August 7, 2013). "Toys "R" Us founder sells UES co-op for $21M". The Real Deal New York. Retrieved February 7, 2018.
  20. "Inside Billionaire Bronfman's Fifth Ave. Penthouse, Asking $65M - Curbed NY". ny.curbed.com. Retrieved November 11, 2017.
  21. "Egypt's Richest Man Buys NYC's Most Expensive Co-op Ever - Curbed NY". ny.curbed.com. Retrieved November 11, 2017.
  22. Higgins, Michelle (2015). "Real Estate in Manhattan Set Sales Records in 2014". The New York Times. Retrieved February 7, 2018.
  23. Marino, Vivian (June 2, 2017). "Art Dealer's Fifth Avenue Co-op Sells for $55 Million". The New York Times. Retrieved February 7, 2018.
  24. Marino, Vivian (December 29, 2017). "Manhattan Prices Stable in 2017, Even as Luxury Takes a Breather". The New York Times. Retrieved February 7, 2018.
  25. "BUYS SECOND COOPERATIVE.; James H. Snowdon Purchases Duplex at 960 Fifth Avenue". The New York Times. June 10, 1928. Retrieved February 7, 2018.
  26. "The Denizens Of Candela's 960 Fifth Avenue". Circa New York. April 2016. Retrieved May 29, 2020.
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