What's Happening?
The iconic mansion at 666 Park Avenue, owned by Dame Jillian Sackler, is poised to be listed for sale following her death at age 84. Sackler, widow of Arthur Sackler, resided in the triplex maisonette since the 1980s. The property, known for its opulent design and historical significance, occupies the second, third, and fourth floors of a 14-story building. It features a 50-foot drawing room with 18th-century paneling and numerous rooms adorned with antiques. The potential sale of this unique residence, which has only had four owners in nearly a century, is generating interest among luxury real estate agents.
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Why It's Important?
The sale of this mansion represents a rare opportunity in Manhattan's luxury real estate market. Maisonettes, like Sackler's, are unique and attract niche buyers due to their townhouse-like design within larger buildings. The property's historical and architectural significance adds to its allure, potentially fetching a high price despite the challenges posed by the building's strict co-op board. The sale could also be influenced by the Sackler family's recent legal settlements related to Purdue Pharma, although Jillian Sackler was not directly involved.
What's Next?
Real estate experts anticipate that the mansion could be listed for around $40 million, depending on its condition and market demand. The building's co-op board will play a crucial role in vetting potential buyers, who must meet stringent financial requirements. The sale process may attract high-profile individuals interested in the property's unique history and design. The outcome could set a precedent for future sales of similar properties in Manhattan.
