Fifth Avenue Co-Op of Philanthropist Jayne Wrightsman Gets $11 Million Price Cut

The $50-million price tag on the classic Fifth Avenue co-op owned by legendary New York City arts patrons Charles and Jayne Wrightsman has been reduced to $39 million.

The home, which occupies the entire third floor of the white-glove, limestone-clad building at East 63rd Street and Fifth Avenue, was placed on the market by the couple’s estate in November 2019 for $50 million, following Jayne’s death the same year at the age of 99. The $11 million price cut—amounting to a 22% discount—hit the listing on Wednesday.

Noting that the building requires all-cash sales, listing agent John Burger of Brown Harris Stevens said the price cut reflects changes at the ultra-high end of the market since the home was originally listed.

“People looking at these types of properties know that they need a certain amount of renovation to bring them up to today’s standards,” he said. “For a top-caliber renovation in Manhattan, it runs about $800 to $1,000 per square foot, so we factored this into the pricing.”

The 13-story, 18-room Lenox Hill home, which had not been on the market for over six decades, is grand even by Manhattan luxury standards.

It’s in a 1916 neoclassical palazzo-style building designed by Starrett & Van Vleck, an architectural firm that made a name for itself specializing in 20th-century department stores in New York City.

It is considered one of Manhattan’s most exclusive addresses and has only 12 units, each of which occupies an entire floor.

“It’s very rare for a unit to come up for sale,” Mr. Burger said. “There’s usually one only every few years.”

The Wrightsman apartment, which has 100 feet of frontage facing Central Park and spans over 70 feet along Fifth Avenue, is entered via a private elevator that opens onto a 45-foot gallery with Parquet de Versailles floors and a wood-burning fireplace.

“This truly is one of the most exceptional buildings on Fifth Avenue because of the amount of frontage on Fifth Avenue, the volume of the rooms and the 12.8-high ceilings, which are among the highest on Fifth,” Mr. Burger said.

The grand drawing room, formal dining room and library feature Parquet de Versailles floors, 12.8-foot ceilings, Louis XV and XVI marble fireplace mantels and wood paneling imported from important private residences in Europe. The apartment has six bedrooms, eight bathrooms and six wood-burning fireplaces, according to the listing.

The property also includes a guest or staff apartment on the first level of the building that’s being offered for sale separately for $2.5 million. It has a living room, three bedroom suites and a fourth bathroom adjacent to the living room.

The building itself has a private laundry room, a wine cellar and a storage and file room in the basement.

Charles Wrightsman, the former president of the Standard Oil Company of Kansas, died in 1986 at the age of 90.

They were well-known collectors of French decorative arts, an aesthetic evident in the listing photos.

In addition to being trustees of The Metropolitan Museum of Art, the couple established The Wrightsman Galleries for French Decorative Arts at the museum. Jayne Wrightsman also was a trustee at The Metropolitan Opera and at The Morgan Library in New York.

Article Source: Mansion Global