New York Co-Op full of art investors asking for $ 17.7 million – Picassos not included

Edward J. Minskoff, a prominent real estate investor and art collector, is moving out of his longtime New York home for $ 17.7 million.

The four-bedroom cooperative is located at 730 Park Avenue, a prewar building with white gloves. Mr Minskoff has owned the apartment for more than three decades, he said, buying it for just $ 210,000 in the 1980s. Over the years, he said, he has renovated and remodeled it at least three times.

Mr. Minskoff filled the estate with 11 room pieces from his extensive art collection. Approximately 20 Picassos are on display, including a sculpture of a monkey considered one of the artist’s most important sculptures, Mr Minskoff said. There are also pieces by Willem de Kooning, Roy Lichtenstein and Andy Warhol.

Mr Minskoff said the apartment was specially equipped with temperature and humidity control systems to protect the artwork, which is not included in the sale. He often has to close the curtains as well, because the apartment is quite bright and sunlight can damage the art, he said.

The apartment is entered through a private elevator lobby that opens onto a marble entrance gallery. There is a large living room in the corner with a wood burning fireplace and views of Central Park, a formal dining room that can accommodate about 20 people and a library lined with wooden panels. One of the bedrooms has been converted into a luxury wardrobe, says agent Madeline Hult Elghanayan from Douglas Elliman,

who along with Burt Savitsky of Brown Harris Stevens.

Mr Minskoff said that when he moved to a building of approximately 40 units, he was one of the youngest occupants. Although much less well-known than the adjoining building on 740 Park Avenue, which is generally considered the most exclusive cooperative in the city, 730 Park has attracted its considerable share of big names. Built in the late 1920s, it was once home to publishing magnate Samuel Irving Newhouse, senior, for example. The management of the building requires customers to pay all the cash, Ms. Elghanayan said.

Julie and Edward Minskoff 2019.


Photography:

Patrick McMullan / PMC / Getty Images

Mr. Minskoff Real Estate Company, Edward J. Minskoff Equities, was founded in 1987 and has developed major office buildings in New York City such as 51 Astor Place and 101 Avenue of the Americas. Mr Minskoff said he is selling because he and his wife Julie Minskoff intend to move downtown to a housing project his company recently developed on Jane Street in West Village, where he has booked a two-story penthouse for his own use. She will be in great company: actress Jennifer Lawrence recently bought a town house as part of the project, he said.

Mr Minskoff also has homes in Southampton, NY, and in Malibu, California, he said.

The Manhattan market recently saw an increase in cooperative sales, with 1,938 recorded sales in the first quarter of the year, an increase of 41.4% over the same period in 2021, according to a report by Douglas Elliman. The average selling price for the quarter was $ 825,000, an increase of 5.8% over the first quarter of 2021.

Write to Katherine Clarke at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Leave a Comment