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Ultraluxury NY Real Estate Market Cracking As Legendary 740 Park Duplex Sells 45% Below Original Asking Price

 
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10/03/2012 12:28 PM
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Ultraluxury NY Real Estate Market Cracking As Legendary 740 Park Duplex Sells 45% Below Original Asking Price
[link to www.zerohedge.com]



Jonathan Sobel, a former Goldman Sachs Group Inc. (GS) partner who oversaw the firm’s mortgage division, bought a duplex on Manhattan’s Park Avenue for $19.3 million, a 45 percent discount from the original asking price.

The purchase of the co-op at 740 Park Ave. was completed on Aug. 31, according to records filed yesterday with the city’s Department of Finance. The 6,700-square-foot (620-square-meter) apartment was owned by Randolph Speight, the late investment banker, for more than 40 years. It features a private elevator and landing, four staff bedrooms and a butler’s pantry, according to the broker’s listing.

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