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Thursday, November 25, 2010

Now on Park Avenue, Billionaire’s Daughters Sell Old Apartments

Billionaire investor Ira Rennert, owner of one of the largest homes in the country on the East End of Long Island, famously bought Park Avenue apartments a few years ago for his two daughters for more than $30 million each. But for every action in real estate there is a reaction.

Now settled in their new co-ops in notable Park Avenue buildings, his daughters have sold off their previous apartments. Property records filed on Tuesday show that Mr. Rennert’s younger daughter Yonina Davidson and her husband Mitchell have sold off their previous apartment, a 10-room co-op, for $11 million. In August, her older sister, Tamara Winn, also sold off her old apartment in the Chatham, a condominium near Third Avenue, for $6.85 million.

Both sisters closed on the sale of their trophy apartments during the same month, January 2008 — near the peak in the real estate market.

Ms. Davidson paid $33 million for the apartment owned by fashion designer Vera Wang on the third floor of 778 Park Avenue, a pre-war co-op designed by Rosario Candela that has been home to many luminaries. The apartment has 14 rooms, including six bedrooms and five baths, with wood burning fireplaces in the living room, dining room and library, according to the old listing.

Instead of moving in right away, the Davidsons began a lengthy renovation, slowed by rigorous co-op board rules. The final plumbing inspection was conducted in July 2010, more than two years after the renovation plans were filed, records show.

The Davidsons put their previous apartment, at 510 Park Avenue, on the market for $15.9 million in January, cut the price in April to $13.9 million, and signed a contract to sell it in August.

Ms. Winn and her husband David paid $32 million for a duplex at 740 Park Avenue a few weeks after Ms. Davidson made her purchase. Sales in this price range have been rare since the economic downturn.

Mr. Rennert amassed a fortune using junk bonds to buy up ailing companies and Forbes magazine recently put his net worth at $4.5 billion.

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