Real estate mogul and 'Shark Tank' personality Barbara Corcoran recently completed the sale of her Fifth Avenue penthouse in New York City. The property entered contract in May after less than one day on the market. Corcoran ultimately sold the residence for $13.5 million, exceeding her initial asking price by $1.5 million, according to Realtor.com.
Key Takeaways
- Barbara Corcoran's Fifth Avenue penthouse sold for $13.5 million.
- The sale price was $1.5 million over the asking price.
- The property was under contract in less than 24 hours.
- Corcoran purchased the duplex in 2015 for $10 million.
- Extensive renovations totaling $2 million were completed during her ownership.
Rapid Sale Exceeds Expectations
The swift transaction for Corcoran's Upper East Side home generated significant interest. Reports indicate a bidding war occurred shortly after the 4,600-square-foot property was listed. This competition led to a winning offer being accepted in under 24 hours.
Corcoran enlisted agents Scott Stewart and Carrie Chiang from her own real estate firm, Corcoran, to manage the sale. The initial listing price for the penthouse was $12 million.
Sale Details
- Final Sale Price: $13.5 million
- Asking Price: $12 million
- Amount Over Ask: $1.5 million
- Time on Market: Less than 1 day
- Square Footage: 4,600 square feet
Penthouse History and Renovations
City records confirm that Corcoran acquired the duplex in 2015 for $10 million. However, her connection to the Carnegie Hill residence dates back decades. In the early 1990s, while working as a part-time messenger, she first encountered the penthouse.
"I thought, my God, I’ve never seen anything as beautiful in my life," Corcoran stated in an interview with the New York Times, reflecting on her initial impression of the property.
During her tenure, Corcoran invested substantially in the home. A comprehensive gut renovation costing $2 million transformed the co-op apartment. These improvements were made over a two-decade period.
Property Features
The five-bedroom penthouse includes five full bathrooms and two half-bathrooms. It features a chef’s kitchen, a formal dining room, and a dedicated library. A notable element is the home’s original curved staircase, which connects the two floors of the duplex. The residence also boasts a large rooftop terrace, which was converted into an indoor/outdoor dining solarium from a greenhouse during renovations.
Investment and Emotional Connection
Corcoran, 76, told the Times that her asking price did not fully account for her total financial outlay on the property. The extensive renovation involved significant structural and aesthetic changes, including a complete reversal of the floor plan.
The detailed upgrades, such as installing a new chef’s kitchen and creating the dining solarium, were initially undertaken without any intention of selling the property. This suggests a strong personal attachment to the home.
"It’s easy to spend money when you’re building a lifelong dream," Corcoran remarked to the outlet in May. "For me, real estate is emotional."
This sentiment highlights her personal connection to real estate, extending beyond mere financial transactions.
New Residence and Building Legacy
Corcoran and her husband, retired Navy captain Bill Higgins, have since moved to another uptown location. Their new residence is reportedly a single-story condo, chosen to better accommodate Higgins’ mobility requirements. The couple had also shown interest in a Fifth Avenue co-op previously owned by Paul Newman and Joanne Woodward, which also sold significantly above its asking price.
The penthouse sits atop 1158 Fifth Avenue, a pre-war white-glove cooperative building. Influential architects C. Howard Crane and Kenneth Franzheim designed the building in 1924. Residents of 1158 Fifth Avenue benefit from a range of amenities. These include a 24-hour doorman, concierge services, a live-in building manager, and a fitness center.
Building Amenities
- 24-hour doorman
- Concierge service
- Live-in manager
- Fitness center
Neighboring Property Activity
The rapid sale and high price achieved for Corcoran’s unit appear to have spurred interest in adjacent properties. The penthouse located next to Corcoran’s was listed for $11.5 million in September. This neighboring five-bedroom duplex also features a large terrace.
However, this adjacent listing has not yet seen the same level of buyer engagement as Corcoran’s property. According to StreetEasy, the listing price for the neighboring unit was reduced earlier this month to $10.5 million. This indicates varying market dynamics even for properties in close proximity within the same luxury building.
