Former Secretary of the Treasury Steven Mnuchin has finally sold his apartment at 740 Park Ave., according to The Real Deal. The posh pad sold at a discount from its original asking price, and was last on the market for a little less than $26 million. While the final sale price isn’t known, the apartment is listed as “in contract.”
After debuting on the market in 2018 for $32.5 million, the grand-scale Manhattan home in a prestigious building failed to find a buyer at that sky-high sum. The financier who had former President Donald Trump’s ear dropped the price in 2019 to $29.5 million, and then again later in the year to $27.5 million.
With the home still stuck on the market, its price was slashed in August 2020 to $25.75 million, which seemed to be the right number to make a deal, although the final amount has not yet been revealed.
Located in the exclusive Park Avenue cooperative designed by Rosario Candela, the apartment had apparently been in Mnuchin’s family for decades.
Mnuchin reportedly bought the posh, 6,500-square-foot pad from his aunt, Carol Terner Lederman, for $10.5 million about 20 years ago.
The 1929 Upper East Side duplex apartment features “meticulous renovations,” which blend its traditional style with modern updates.
It’s accessed by a private elevator, which arrives at a landing that opens into a gallery with 11-foot ceilings, marble floors, and a curved staircase with the original banister.
On the first level are the entertaining rooms, which come with wood-burning fireplaces and marble mantels. The massive living room features four oversized windows across 34 linear feet of Park Avenue frontage. The wood-paneled library with wet bar also has three windows facing Park Avenue, and the floor includes a large, formal dining room, along with a powder room for guests.
The kitchen is equipped with a center island, storage pantry, and a large breakfast room equipped with top-of-the-line appliances.
Up one floor is a “sprawling” master suite, with walk-in closets, a fireplace, study, dressing room, and a pair of en suite marble bathrooms. Three additional bedrooms are also located on the floor, all with en suite bathrooms, as is a large den.
Upgrades include hardwood floors, restored crown moldings, state-of-the-art lighting, central air conditioning, and sound systems.
The white-glove cooperative building includes full-service staff, a fitness center, and private storage.
The pricey unit appears to have been one of the most valuable real estate assets in the former Cabinet member’s collection. A native of New York, Mnuchin has many other places to hang his hat, including a Southampton, NY, vacation home, which he bought for $13.78 million in 2005, according to Mansion Global.
There’s also the $12.6 million mansion in the tony Massachusetts Avenue Heights neighborhood of Washington, DC, which the former Goldman Sachs exec picked up just as Trump took office in 2017.
The price was the second-highest paid that year in the District of Columbia. The 16,000-square-foot home in the nation’s capital comes with nine bedrooms and 12.5 bathrooms and boasts a fitness room, sauna, wine cellar, media room, and indoor pool.
With a fortune of some $400 million, Forbes reports, the former movie producer also owns property in upscale areas of Los Angeles, including a deluxe, $31 million luxury build in Bel-Air. He and his wife, the actress Louise Linton, apparently also own real estate in Scotland.
Now that this sale is complete, perhaps there will be more transactions in his future.
Before serving as Treasury Secretary from 2017 to 2021, Mnuchin, 58, had worked as an executive at Goldman Sachs for 17 years, and then became a hedge fund manager, investor, and movie producer, bankrolling such films as “Avatar,” “Mad Max: Fury Road,” and “The Lego Movie.”
Judy Kloner and Carol Lederman with Warburg Realty held the listing.