Penthouse in 834 Fifth For Sale

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One resident of the renowned co-op 834 Fifth asked, “Why would you move out of 834 unless you’ve died?”  Maybe 81-year-old Hal Prince, who just put his apartment there on the market for $33 million, has the answer.
In a co-op where apartments are rarely – if ever – available, there apparently are two being offered at the same time.  In addition to Prince, billionaire Charles Schwab has apparently also listed his small penthouse. Neighboring Rupert Murdoch’s triplex, 15a is going for about $14 million.

But why are two residents willing to give up their elite penthouses in 834 Fifth? Is the building losing its allure?  Probably not — sources state Schwab will most likely stay.  Although the deed is not in city records, it was back in 2007 that Schwab bought a ninth-floor unit with an estimated worth of $16.5 million, for $27.7 million.  The broker, Roger Erickson, known best for his Ferrari F430, has not commented on the deal, though.  However, even if both Prince and Schwab’s units are available, that is not enough to send signals of a downfall at 834.  History shows that units often go up for sale and then are pulled from the market before selling.  An example of this took place this past July; Paul Cejas listed his fifth-floor co-op for $18.5 million, and then pulled it from the market without selling.

So until someone has answered the question of why move out of 834 unless you’ve died—don’t expect any moving days.

Via NY Observer

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