778ParkAvenue

Brooke Astor's Co-op Discounted By Over $21 Million

Filed under: Estates

When the listing for Brooke Astor's famed New York co-op at 778 Park Avenue hit the market last year it seemed like it would be easily snapped up. After all, the five-bedrom home was considered to be an exceedingly prime New York co-op. But in between expectation and reality yawned an economic crisis that has made even the most choice pricey real estate linger on the market. This apartment hit the market at $46 million in May 2008 and as Max Abelson of the New York Observer reported this week, has now hit a new low, bumping along at $24.9 million, a price cut of $21.1 million.

The home, like Astor herself is a beauty from another era. The co-op's high ceilings, six terraces and five wood-burning fireplaces all invite envy. The home's corner library with gleaming red lacquer walls, a wood-burning fireplace and French doors opening onto two terraces seems redolent of intellect and intrigue. The apartment occupies the 16th and part of the 15th floors of the building which was designed in 1931 by Rosario Candela. A 30-foot gallery has 18th century oak floors and leads to the formal entertaining rooms which include the formal dining room with fireplace. The private quarters include two master bedrooms, one on the 15th floor and one on the 16th floor. The home still retains the service area which consists of a large servants' hall, kitchen and pantry with three maids' rooms and bath. The listing says that this space could be turned into a family room, kitchen, laundry and staff area. With the deep price cut that seems a bit more feasible although the monthly maintenance has increased over the past year. Last year it was at $17,251 and this year it is at $18,458. It's not easy to follow in Mrs. Astor's footsteps.

Gallery: Brooke Astor's Co-op