Wednesday, January 8, 2014

Jeff Blau Ask $43 Million for Fifth Ave Aerie

SELLER: Jeff and Lisa Blau
LOCATION: New York City, NY
PRICE: $43,000,000
SIZE: 4,700 square feet, 4 bedrooms, 4.5 bathrooms (total)

YOUR MAMAS NOTES: The 16-room, Alan Wanzenberg-remodeled duplex at 740 Park Avenue that embattled property developer Kent Swig and his estranged, modern art-loving wife, Liz Swig, hoisted on the open market this week with a $32.5 million price tag seems like a goddamn bargain compared to the significantly smaller but no less luxe 10-room Shelton Mindel & Associates-reworked simplex apartment at the equally high fallutin' cooperative apartment house at 1040 Fifth Avenue that real estate industry bigwig Jeff Blau and his impressively educated investor wife, Lisa Blau, pushed on to the open market yesterday—we first learned from Chatty Charlie—with a bank account draining $43,000,000 asking price.

Mister Blau, for those of the children who do not know, is the influential and obviously generously compensated CEO of The Related Companies, a sprawling, New York City-based real estate empire with extensive interests across the U.S. as well as in China and the Middle East.

Mister and Missus Blau purchased the cooperative apartment almost exactly five years ago for $21,400,000 from young hedge fund fat cat Scott Bommer and his philanthropically engaged wife Donya.* Interestingly, the purchase came a year before the big-livin' Blaus made an unsuccessful attempt to acquire real estate tycoon Ara Hovnanian's picture perfect cooperative apartment at the ludicrously aristocratic 820 Fifth Avenue, then—so the real estate scuttlebutt went—being shopped as a pocket listing for around $36 million.

That apartment at 820, children, has an interesting history. After Johnson & Johnson heiress Libet Johnson was informed by the building's legendarily picky board she would not be permitted to buy and combine the full-floor apartments on the fourth and fifth floors, the estate of philanthropist poet Louise Crane sold the roomy fourth floor apartment in 1999 to for somewhere around $10 million to mass market fashion mogul Tommy Hilfiger. Mister Hilfiger, however, never moved in and quickly flipped it for $18 million to billionaire widow and international social maven Lily Safra who already owned a similarly sized apartment on a higher floor.

The Widda Safra reportedly bought the apartment for one of her daughters but, even after a multi-million dollar renovation, neither of her pampered daughters moved in and the apartment was eventually sold off to Mister and Missus Hovnanian for about $23.5 million. The Hovnanians hired avant garde Dutch architect Piet Boon to to give the elegant pre-war spread a modern-minded, all-white make-over that was featured in all its gleaming glory in House and Garden. So, if not Mister and Missus Blau, who did buy the Hovnanian's apartment at 820 some of y'all are surely wondering? Well, buckle your real estate safety belts, butter beans, because the buyer, according to property records and reports, was none other than Lily Safra, who this time paid $33,000,000 for the fourth floor apartment and the exact same time she sold her 12th floor spread for $40 million to Chicago-based hedge funder Ken Griffin. But we digress...

Anyways, Mister and Missus Blau's expensively and meticulously renovated simplex apartment at 1040 Fifth Avenue sits directly below the late Jackie O's legendary apartment that was later owned by multi-billionaire ultra-conservative political activist David Koch and is currently owned by hedge funder Glenn Dubin, who paid $32 million for it in 2006. Current listing details and other online resources show the Blau's rigorously clean-lined, high-floor corner apartment—recently featured in Architectural Digest—spans about 4,700 square feet with three bedrooms and 3.5 bathrooms plus a punishingly small staff room off the kitchen with a private, attached bathroom.

A private elevator vestibule opens to a trio of seamlessly interconnected living and entertaining spaces that orbit gracefully around a modestly-sized entrance gallery. The spacious corner living room has sweeping Central Park views, a wood burning fireplace, and delicious, large panel walnut paneling that wraps around to the 23-plus foot long park view formal dining room with built-in buffet and planting terrace. An intimately scaled library offers a cozy spot for t.v. watching and book reading with a second fireplace and built-in bookcases.

The service and staff wing were blown out to accommodate a mud room service entrance and a sleek, cook-friendly double island kitchen with integrated, Euro-style appliances. At the far end a built-in dining banquette nestles into a wood paneled corner and adjoins an office/playroom/den. Off the butler's pantry between the kitchen and the dining room, a nice-sized laundry room has stacked machines, a built-in utility sink, and a row of floor-to-ceiling storage cabinets.

Both of the guest/family bedrooms are roughly equal in size with a row of built-in wardrobes and a private attached bathroom. The meandering master suite occupied the entire ass end of the apartment and comprises a surprisingly compact bedroom that opens to a room-wide walk-out terrace, two custom-fitted walk-in closets plus a 25-foot long wardrobe-lined dressing room, a well-organized, medium sized master bathroom, and a private sitting room/boudoir. Of course, Your Mama thinks it would be much nicer if the terrace were off one of the public rooms but a small terrace off the master bedroom is, in the end, better than no terrace at all, right?

Individuals and families with the substantial financial means of Mister and Misssus Blau often own second third and even fourth residences and indeed the couple maintain an approximately 4,000 square foot ocean front contemporary on 1.5+ acres with swimming pool and tennis court in Bridgehampton (NY) that was scooped up in November 2003 for $7,625,000. In August of 2012, Mister and Missus Blau paid a combined $25 million for a pair of parcels in nearby Wainscott that include extensive equestrian facilities, swimming pool, and a six bedroom cottage that dates back to the 1600s and overlooks the northern tail of Wainscott Pond.

*The Bommers, as per property records, picked up the apartment in September 2005 for $12,375,000, and sold it after they already purchased a 17-room duplex penthouse a couple buildings north for—are you ready for this?—$46,000,000.)

listing photos and floor plan: Corcoran

33 comments:

WrteStufLA said...

$43-mill for a partial floor. Egads.

Anonymous said...

Another austere aerie. I'm sorry but I want rich people apartments to look like 'rich people apartments'. This is just an art gallery interior without the art. The 740 Park apt. at least had the art.
It's probably comes off a little sour grapes, but I'm not loving this place either. Much like yesterdays apartment, I just really want to.

Anonymous said...

Dearest Mama:

The Rabbi is ever so grateful you are again reviewing and re-reviewing grand prewar apartments in New York! She believes the Shelton Mindel & Associates remodel to be clean, crisp, and lovely. All the same, the Rabbi further agrees with Anonymous 12:16 p.m. that this 1040 home is severely fine art-deficient.

Seven-forty and 1040 are architecturally fine buildings with sumptuous apartments. However, Mama, you darn well know these are not among the highest of the high-fallutin' New York addresses, not in the least because 1040 permitted the Rabbi's ex-brother-in-law to purchase a B-line duplex several years ago!

Questioningly yours,
Rabbi Hedda LaCasa

Anonymous said...



This January in NYC, even the rich get to freeze their assets off...

Anonymous said...

Scraped within an inch of its life. Candela is rolling over in his grave. The Blau's apparently know only money and have missed out on charm and integrity.

Anonymous said...

Scraped within an inch of its life. Candela is rolling over in his grave. The Blau's apparently know only money and have missed out on charm and integrity.

Anonymous said...

Respectfully asking: if 740 Park and 1040 Fifth aren't examples of the best of the best, what buildings are? Please, if anyone cites one of these new buildings, created within the last 20 years, I'll cry.

Anonymous said...

One57 and 15 CPW

Anonymous said...

Confidential to Anonymous 6:29 p.m.:

Please don't cry. The Rabbi agrees that 740 and 1040 share the apex of domestic architectural masterworks, with 1040 on her short list of favorites. She also prefers traditional interiors and yet occasionally appreciates contemporary design. Among quiet society, 820, 834, 960 and 998 Fifth Avenue and 778 Park are considered the bastions of status. Rabbis are of course known to be verbose as opposed to quiet.

Sincerely,
Rabbi Hedda LaCasa

Anonymous said...

Would 4 East 66th also make the cut or not quite?

Sandpiper said...

Sure hope they get the tennis shoes out of the dryer before dinner party guests are seated.

Mama, great back story links.

Anonymous said...

Anonymous 9:42 p.m.:

Definitely 4 E 66th and 2 E 67th, probably 1020 Fifth, ironically 720 Park, intentionally erected as a Jewish building, and 1 Sutton Place South.

Hedda

Anonymous said...

Rabbi, what happens with flats when feng shui and ancient Jewish art of collide? Wasn't it that somewhere you've mentioned the Jewish recommendation that one should sleep with one's head pointing eastwards, but if one's Kua number is 6, that wouldn't be good, would it?

I've always been intrigued what software do these agencies used to draw floor plans.

And how accurate the compass they sometimes show, does it point towards true north... How do they determine it?

JGV said...

Wow, two in a row!

It's a bit too crisps for my taste. However I do think Shelton Mindel are masters in reconfigurating floorplans. Sure it moves away from Candela's original idea, but who wants to have 1/3 of its space occupied by staff quarters nowadays? But if I had to have a Shelton Mindel, I would go for the 50 CPW appartment currently for sale for 48M, or better yet, Laurie Tisch's aerie at 834 fifth.

Anonymous said...

Linkage for Laurie Tisch and 50 Central Park West:

http://ny.curbed.com/archives/2011/10/13/laurie_tischs_834_fifth_ave_pad_makes_arch_digest_debut.php

http://ny.curbed.com/archives/2013/10/16/billionaire_activist_wants_48m_for_awardwinning_penthouse.php

JGV said...

Thanks, I was too lazy...

Anonymous said...

;)

What are those two things from one of which the vestibule arrow points away from and those two things opposite the WIC in the floor plans?

Anonymous said...

Come to think of it – I don't even know what is that thing in the master bathroom between the sitting room and the master bedroom on the other side of that thing opposite the WIC – one is a toilet, I presume, but that is the thing next to it, crossed out with a circle at the intersection of the diagonals?

Anonymous said...

One other thing, and I'm done: what is that thin wall between the vestibule and the hallway you enter the bedroom from and that thing on the eastern side of the mud room, between that room and the hallway you enter the staff room from?

Anonymous said...

hmm i just red the 820 5th avenue article on this website. that was written in 2008 and by now Mrs. Wrightman the keeper of the coop is like 94. I would say that Terry Semmels coop with the balcony on 7th floor is probably the best in the entire building.

Anonymous said...

also i dont like this apartment, it has just master + 2 bedrooms, no maid/servants quarters and they ask 43mil for this?

ah the 995 5th ave penthouse might have insane 50m price (formerly 43m) but at least it has maids room. tough i guess they increased the price cause they couldnot find a rich russian :P then again I recently saw on trulia also another duplex in same building on sale for cca 12m (3-4 or 5-6 floor). and the building has only like 7 apartments so i guess the coop board is rather small

JGV said...

What are those two things from one of which the vestibule arrow points away from and those two things opposite the WIC in the floor plans?

Elevators, closets.

Come to think of it – I don't even know what is that thing in the master bathroom between the sitting room and the master bedroom on the other side of that thing opposite the WIC – one is a toilet, I presume, but that is the thing next to it, crossed out with a circle at the intersection of the diagonals?

Shower

One other thing, and I'm done: what is that thin wall between the vestibule and the hallway you enter the bedroom from and that thing on the eastern side of the mud room, between that room and the hallway you enter the staff room from?

A thin wall indeed, and i guess an open closet.

hmm i just red the 820 5th avenue article on this website. that was written in 2008 and by now Mrs. Wrightman the keeper of the coop is like 94. I would say that Terry Semmels coop with the balcony on 7th floor is probably the best in the entire building.

I tend to agree on the 7th. However, looking at the building from above in google maps, there seems to be a penthouse... Maybe there is a duplex there? The mystery...

Anonymous said...

Thank you, JGV. May I just ask what is that thing between the laundry and the hallway leading to the formal dining room? It is the southern wall of the laundry. Perhaps some sort of equipment or something.

Looking at the master bathroom, I can't decipher what is that thing next to those two washbasins?

It seems as if that master bathroom isn't closed on the side leading to the sitting room, there is some grey thing springing out of the wall.

I'm amazed at the amount of detail in drawing the windows - some have a few parallel lines, some a few more and look at that bigger window on the eastern wall of the kitchen! The unalignedness of those three sections leaning onto the exterior side of the building's wall.

JGV said...

Haha, you have a critical look!

The first thing it's a guess for me as well, maybe a wine fridge or something.

I would guess the thing next to the wash basins is a closet of some sort of cabinet.

The grey thing is a sliding door, Shelton Mindel loves them...

lil' gay boy said...

Luxe...

Anonymous said...

JGV, thank you so much! You cannot imagine how much I appreciate your answers.

What can I do, I kept looking at the floor plans and thought everybody knew what everything was so I had to know and was intrigued by what was included in the drawings and what wasn't.

It will be useful for the future, to know what sort of symbol is used for what, though I know they aren't universal.

Little, that's all we're getting?

I was expecting you to write a thesis. :D

lil' gay boy said...

Far be it for me to still the Rebbe's thunder -- beating a dead horse only gets you Alpo -- there's really nothing I could add to that.

As for reading blueprints, you can start with this precis...

lil' gay boy said...

That was steal, not still.

Anonymous said...

Thank you Rabbi Hedda (10:56).
4E 66th/845 Fifth is my dream building.
So few pics are available of the wonderful interiors. It seems so discreet and exclusive.
There is a great video on this link:
http://dwellingsnyc.com/dwelling/building/845-fifth-avenue

Anonymous said...

Another rare peek into 4E 66th.
http://www.luxist.com/2006/07/23/4-e-66th-st-estate-of-the-day/

Marcus said...

The tippy top buildings on the UES , in terms of apartment size, pedigree, history, architecture ...are:
820,834,960,998, 4e 66TH, 2e 67th on Fifth. Also 927,1020,1030,1040 completing the top 10,although they're not as pedigreed / grand.
640,720,740,778 on Park, with 730,770,775 again slightly less prestigious/grand.
RiverHouse,1 Sutton Pl South & 1 Beekman Pl on the East River.
These are TOP BUILDINGS among "society".The most grand, exclusive,pedigreed.
ps.Agree with the others on 4E 66th St.
That building is fabulous, it has the largest public rooms in town, and 12-13 foot ceilings throughout.Has a relatively narrow frontage however.And a few of the floors have been cut up(first two and one of the upper floors, 8 or 10 I'm not sure).

Anonymous said...

The Hovnanian's apartment appeared anonymously in House and Garden, NEVER Architectural Digest.
Mrs. Safra sold the 12th floor to Ken Griffin. It has a 47' living room with a fireplace in the center of the inside long wall- unique to the building. It also has a vaulted ceiling in the entrance hall. The top floor of 820 still has maid's rooms, most of which are supposedly owned by Mrs. Wrightsman.

JGV said...

"The top floor of 820 still has maid's rooms, most of which are supposedly owned by Mrs. Wrightsman".

Do you mean the 13th floor? Would be surprising to put only maid rooms on the penthouse floor...