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Herbert Allen Sells NYC Penthouse

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Herbert Allen Sells NYC Penthouse

The ultimate in opulence, one penthouse rivals those only found in people’s imaginations. Meticulously designed and decorated to embody all the glamor of the 1970s, this apartment is situated on 733 Park Avenue. The three-bedroom apartment features a private elevator, three outdoor terraces providing a beautiful view of Manhattan’s skyscrapers, a grand foyer leading to a spiraling staircase, and large windows among other features.

The penthouse was purchased for $526,500 by the late Herbert Allen Sr., founder of Allen & Company Inc. in the 1970s when the building was first constructed. In late January 2013, it was sold by his family, including wife Ethel Allen, and Herbert Allen Sr.’s son, Herbert Allen, who now runs Allen & Company Inc. The apartment was sold for $20 million to an undisclosed party.

The apartment complex, the tallest residential building on Park Avenue is home to other prominent individuals including philanthropist Carolyn Brody, Chair of the Board of Trustees of the National Trust for Historic Preservation, real estate tycoon Burt Resnick, and Lionel Pincus, founder of the investment firm Warburg Pincus.

“This building is like a private club,” said Douglas Elliman broker Jacky Teplitzky, whose team specializes in the Upper East Side and more recently Miami. “It’s one apartment floor so it’s very intimate and everyone knows each other. It’s also very special because it’s the only building from Park Avenue with Central Park views.”

The penthouse boasts some unique features including a luxurious marble bathroom containing more marble than most cities, a soaking tub, shower stall, water closet, and double vanity. The three beautifully landscaped terraces total 1,250 square feet and offer a one-of-a-kind view of the New York skyline.

The original owner, Herbert Allen Sr. was once thought to be the wealthiest man on Wall Street as one of the first individuals to specialize in corporate takeovers. His son, Herbert A Allen, continues to run the boutique investment firm. Herbert A Allen graduated from Williams College in 1962, and has served on the Board of Directors of Coca Cola since 1982.

Source: NY Daily News