By selling the shares simultaneously, the transaction unlocked greater value for the seven loft owners, many of whom had owned their apartments since the building first
went co-op in 1981.
When 907 Fifth Avenue
went co-op in the 1950s, Huguette Clark and her mother, Anna La Chapelle Clark, purchased the three spaces they were renting: Both of the apartments that comprise the eighth floor -- giving them an eye-popping total of 10,000 square feet on that level -- plus a half-floor unit on the 12th floor, the building's top story.
Before Gilsey House
went co-op in 1979, it was a hotel famed for its regulars (like writer Oscar Wilde) and for being the first New York hotel to offer phone service to its guests.
The result was a windfall for the seven loft apartment owners, many of whom were artists who had owned their apartments since the building first
went co-op in the early 80's, when SoHo was a gritty, unsafe section of downtown instead of what it is today--one of the most sought after retail neighborhoods in the world.
Hammond handled sales at 1175 York when the building
went co-op in the late 1980s, and has sold several apartments there every year since then.
By selling the shares simultaneously, the transaction unlocked greater value for the seven loft owners, many of whom have owned their apartments since the building first
went co-op in 1981.
In 1984, when the building
went co-op, the shares to those apartments were purchased by the wife.
Her parents paid only $851.25 a month for the resplendent pad as recently as 1988 when it
went co-op."
