Former UBS Exec Demonstrates How Not To Sell On Park Avenue

by Deidre Woollard (RSS feed)
May 22nd 2009 at 8:01AM

Even a Park Avenue address is no guarantee of a real estate payday in New York City these days. Former UBS executive Ramesh Singh has been trying to sell his duplex at 823 Park Avenue since last year when he put the home on the market at $24.75 million. He and his wife Farida Khan had paid $20 million for apartment a few months earlier. Since then Cityfile has been faithfully chronicling the apartment's price drops. The apartment's list price recently fluttered down to $14.5 million, a full $5.5 million less than the couple paid for it. This loss doesn't include the substantial amount of money the couple invested in renovating the apartment.

The Real Estalker's excellent research reveals this isn't SIngh's first debacle on Park. In 2004, he and his wife sold their co-op at 941 Park Avenue for $6.155 million and then moved to 860 Park Avenue where they spent $6,876,250 for a full floor apartment on the fifth floor. In 2007 they then moved on to 823 Park Avenue and signed contracts on a pair of apartments. The apartment at 860 Park was first listed at $13.4 million but didn't sell until earlier this year for a disappointing $7 million.

The current apartment for sale is 7,200 square feet spread out over two floors with seven bedrooms, a formal dining room, living room, eat-in kitchen and library. The lower floor includes the master bedroom suite, an entertaining kitchen and two additional bedrooms overlooking a rear terrace. The listing is here.

Gallery: Getting A Deal On Park Avenue