Streetview of 1016 Fifth Avenue © 2017 Google
October has been an eventful month in real estate for Barbara Corcoran, founder of the Corcoran Group and star of “Shark Tank,” as the mogul adds a penthouse to her portfolio. As first reported by The Real Deal, and confirmed by property records, Corcoran purchased a penthouse at 1016 Fifth Avenue in Carnegie Hill for $16 million in an off-market deal. Just three weeks earlier, she sold her home at 1158 Fifth Avenue for $1.5 million over ask after just one day on the market.
The residence features three bedrooms, formal dining and living rooms, a library, and a terrace, with tall ceilings and much of its original architectural detail intact, Carrie Chiang, a Corcoran Group agent who represented Corcoran in the deal, told The Real Deal.
Chiang said Corcoran plans to move into the apartment soon and is considering minor renovations next year.
Unit PH-W has not traded hands since the city launched digital property records, leaving its price history unclear. The most recent filing for the unit dates to 2007, when the previous owner transferred the property into a trust.
Chang discovered the unit while searching for a penthouse that met Corcoran’s criteria, including a location in the 80s. She found the residence before it hit the market, and Corcoran requested to see it before its official listing.
The penthouse is located in a 15-story prewar building designed by architect J.B. Peterkin and completed in 1926. The property offers a prime location overlooking Central Park, with the Metropolitan Museum of Art directly across the street and several other world-renowned cultural institutions nearby, according to CityRealty.
Corcoran listed her former residence, a penthouse at 1158 Fifth Avenue, for $12 million in May. She purchased the 11-room apartment for $10 million in 2015. Corcoran told the New York Times she first saw the penthouse in 1992 while delivering letters for a messenger service and asked the owner to contact her if it ever went up for sale. Two decades later, she got the call.
The apartment underwent an 18-month, $2 million gut renovation overseen by Corcoran and her husband Bill Higgins. As 6sqft previously reported, the project included flipping the upstairs and the downstairs floor plans, turning the solarium into a dining room, and adding a chef’s kitchen next to the terrace.
In October, Corcoran reportedly found a buyer for the unit in just one day who agreed to pay $13.5 million, $1.5 million above the asking price. Corcoran decided to sell the penthouse after her husband could no longer safely traverse the spiral staircase connecting its two levels.
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