Showcasing 17 rooms and a 3,000 square-foot terrace, Massimo Ferragamo’s multi-story Park Avenue apartment on Manhattan’s Upper East Side, may finally sell for $12.8M.
It seems million dollar houses are selling out like hot pancakes on a Sunday morning, for everyone but the youngest and most stylish scion of the Salvatore Ferragamo dynasty, Massimo Ferragamo. Upon listing his multi-story Park Avenue apartment on Manhattan’s Upper East Side, the residence sat idle on the market for over two years with an extravagant asking price of $18 million.
Showcasing 17 rooms, including seven-bedrooms, multiple living rooms, a wood-paneled library, two kitchens, a bright semi-circular sunroom, and a 3,000 square-foot terrace, it was surprisingly long before a keen buyer moved in to snatch this palatial space. The buyer, who remains anonymous, has since engaged in contract with agent Cybele Kadagian of Douglas Elliman, successfully reducing the price to $12.8 million, though the sale is yet to be complete and may be dropped or subjected to a few conditions at any juncture.
Despite its presence on the market from long-before 2020’s unprecedented global health crisis, Massimo Ferragamo has faced little-to-no-luck in cashing in on this luxurious residence. Listing his property just as Manhattan home prices began to struggle under a deluge of condo inventory, Mr. Ferragamo’s residence has undergone a series of unavoidable price cuts, since the quarter of 2018.