After a hefty price cut, Italian fashion scion Massimo Ferragamo has off-loaded his Manhattan apartment for $11 million, WWD has learned.
The youngest son of late iconic Italian designer Salvatore Ferragamo has long been in charge of the family-owned fashion house’s U.S. division and lived for more than two decades in the Park Avenue apartment on the Upper East Side. But after buying and redeveloping a medieval Tuscan hamlet complete with a 14th-century church and with his sons all grown up, Ferragamo found that his Manhattan duplex apartment had become surplus to requirements and put the 5,800-square-foot, 17-room home on the market for $18 million in 2018.
With no takers at $18 million, the asking price was subsequently reduced several times, especially as the pandemic hit Manhattan’s luxury housing market, while the listing agent was switched to Cybele Kadagian of Douglas Elliman Real Estate, who just brokered the $11 million deal. Kadagian also represented the buyer, whose identity has not been revealed.
The property was last asking $12.8 million and while the final sales price is below that and the original asking price, the fact that it achieved more than $10 million in the current climate is a sign that the market could be starting to tentatively recover. According to a report by Olshan Realty, the number of $4 million-plus Manhattan properties entering contract during Thanksgiving Week was above average.
The seven-bedroom, seven-bathroom multistory apartment is located in a prewar co-op two blocks away from Central Park and close to the Ferragamo store on Fifth Avenue. It boasts a grand spiral staircase, a paneled library, a formal dining room, a gym, two plush master suites and of course — staff quarters. There’s also a sprawling 3,000-square-foot private rooftop terrace — a rarity for Park Avenue — which can be accessed via a bright semicircular sunroom and sheltered veranda.
The Georgian-style building itself, which was built in the Twenties, offers white-glove service, including a doorman and elevator operator.
As for Ferragamo’s Tuscan hamlet in the small town of Castiglion del Bosco, he and his wife Chiara transformed that into a five-star hotel, private golf club and vineyard.
For more, see: