Co-op sale breaks a record

There’s been another record-breaking real estate transaction in New York.

A 16-room, full-floor apartment on Fifth Avenue in Manhattan has sold for $70 million. The penthouse apartment at the corner has a wrap-around terrace with panoramic views of Central Park and was the home of Edgar Bronfman, the chairman of the Seagram Co., until his death last year.

Listed at $65 million less than a month ago, the New York Times reports the property was sold “as-is” and caused a huge bidding war among prospective buyers.

What else do you get for $70 million? A share of the building, since it’s a co-op, and a hefty monthly maintenance fee of $57,277.50.

The paper notes that the building is one of the “most selective co-ops on the Upper East Side” and was designed in 1928 by Warren & Wetmore, a firm that helped design Grand Central Terminal.

For $70 million, the new buyer gets five bedrooms, five fireplaces and 8 ½ baths. The living room is 34 feet by 21 feet, which could easily accommodate a couple of small studio apartments! There’s also a 13-by-18-foot kitchen with a butler’s pantry. On a lower level, there’s a four-room suite for the staff.