Grand slice of the Big Ap­ple, yours for just $157m

The Weekend Australian - Life - - PROPERTY - CANDACE TAY­LOR THE WALL STREET JOUR­NAL

The sprawl­ing New York co-op that for decades was home to for­mer Salomon Brothers chief John Gut­fre­und is on the mar­ket for $US120 mil­lion ($157m).

A 38-year vet­eran at Salomon, Gut­fre­und was chief ex­ec­u­tive of the firm dur­ing the 1991 Trea­sury note auc­tion scan­dal and was pres­sured to re­sign. He died in March at age 86.

Mea­sur­ing about 1115sq m, the 20-room du­plex is one of the largest apart­ments on Fifth Av­enue, ac­cord­ing to John Burger of Brown Har­ris Stevens, one of the list­ing agents.

The apart­ment has been owned since the 1980s by Gut­fre­und and his wife Su­san, Burger says.

Lo­cated on the sev­enth and eighth floors of the co-op on 834 Fifth Av­enue, the apart­ment has three bed­rooms in ad­di­tion to a roughly 150sq m master suite with a dress­ing-room and sit­ting room, Burger says.

An en­trance gallery has ceil­ings about 7.3m high and a grand marble stair­case. The gallery opens into a roughly 15m long liv­ing room with two fire­places and nu­mer­ous win­dows over­look­ing Cen­tral Park.

Off the din­ing room, which also has park views, there is a large but­ler’s pantry with a felt-lined, walk-in steel safe for stor­ing sil­ver, Burger says.

The lower level of the apart­ment has three staff-

rooms and a ser­vants’ hall, but the ask­ing price also in­cludes an­other staffroom — orig­i­nally for the chauf­feur — on the sec­ond floor, Burger says.

The apart­ment also comes with a wine cel­lar and stor­age space in the base­ment. A buyer would most likely up­date the apart­ment, Burger says, but “many peo­ple will ap­pre­ci­ate and want to pre­serve the grandeur of what is there”.

De­signed by Rosario Can­dela in the early 30s, 834 Fifth Av­enue is one of the most de­sir­able build­ings in Man­hat­tan, Burger says. Its board doesn’t al­low fi­nanc­ing and “likes to see very strong fi­nan­cial cre­den­tials for any fu­ture share­holder”, he says.

Su­san Gut­fre­und couldn’t be reached for com­ment. Burger says she is sell­ing be­cause the apart­ment is too large for one per­son. He is list­ing the apart­ment with col­league Richard Ziege­lasch as well as A. Lau­rance Kaiser IV and Craig Dix, both of Key-Ven­tures.

Fi­nancier John Gut­fre­und’s sprawl­ing Fifth Av­enue, New York, apart­ment over­look­ing Cen­tral Park is on the mar­ket for $157 mil­lion

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