Thursday, 30 June 2016

Wealthy Couple Pays $18M Over Ask For Co-op In 'Bungled' Bidding War

The buyer paid $53M for an Upper East Side apartment that was asking just $35M

What do you do when someone is about to outbid you for the home of your dreams? If you’re David Millstone, co-CEO of Standard Industries, or wife Jennifer, you pay whatever it takes above the asking price—even if it ends up being $18 million more.

Millstone and his wife, who herself happens to be the daughter of the late corporate mogul Samuel Heyman, wanted the third-floor co-op at 960 Fifth Avenue so desperately that they ended up engaging in a "bungled" bidding war with another interested party, the Post reports. The Millstone's ended up paying $53 million for the co-op which was originally asking just $35 million.

An insider to the sale says the apartment could have fetched even more if it had been listed online. "They have four kids and needed the space," the insider said. Space comes in no short supply here. The full-floor co-op has a whopping 22 rooms including four bedrooms, five bathrooms, and eight maids rooms. The dining, living room, and library each have their own fireplace.

The home was once owned by the late Robert Ellsworth, a globally-recognized collector of Asian art.


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