A Grand Royal home | Don’t you wish it was a Home for Sale in Maryland, DC or Virginia

A fancifully renovated floor-through apartment dominated by a Versailles-style salon with a coffered 18-foot-high ceiling decorated with Fabergé-egg intricacy and a 40-foot-long wall of windows opposite the Metropolitan Museum of Art is entering the market for the first time in nearly 40 years. The all-cash asking price for the five-bedroom four-bath co-op, which also has two powder rooms, four marble fireplaces, and a staff suite, is $25 million; the monthly maintenance is $9,750. The apartment is on the eighth floor of 1020 Fifth Avenue, a small but unmistakably elegant 1925 limestone building on the northeast corner of 83rd Street that was designed by Warren & Wetmore, the architectural team that designed Grand Central Terminal. The apartment had been owned by Dr. Mona Ackerman.

Part of the cachet of 1020 Fifth, which was converted to a co-op in 1965, is the extreme wealth and pedigree of its residents. E. F. Hutton’s brother, Franklyn, the father of Barbara Hutton, lived here, as did Pamela Harriman during her marriage to her second husband, the theatrical producer Leland Hayward. Dr. Ackerman inherited a fortune from her father, Meshulam Riklis, a pioneer of leveraged buyouts and junk bonds who became a Wall Street billionaire after emigrating from Israel. The building’s combination of luxury, location and distinctive architectural amenities was such a draw that turnover has been rare. The family of the original owner of the duplex penthouse, the variety store magnate Samuel H. Kress, who paid $150,000 in 1925 and installed a stairway built of marble from Michelangelo’s favorite quarry in Pietrasanta, Italy, did not part with it until 2011. After a price reduction to $34 million from $46.5 million, the duplex traded for $26.75 million to the financier Stephen Cyrus Freidheim.

SOURCE: NY Times

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