The recently closed property transaction on the Upper East Side of Manhattan involved the sale of a co-op located at 2 East 88th St, Penthouse. The transaction took place on August 25, 2021, and was captured in an Instagram post.

Summary of transaction details

• Property Type: Co-op
• Transaction Amount: $60,000,000
• Market: Upper East Side, Manhattan
• Square Footage: 7,000 sq ft

The co-op, spanning over 7,000 square feet, is situated across the 14th, 15th, and 16th floors of a boutique building. It boasts a two-level, 2,700-square-foot wraparound terrace, a staff wing, a gym, and two entertainment floors. With 12 rooms, the triplex offers ample space for luxurious living.

In this transaction, the seller was Jacqui Safra, a prominent figure in the film and banking industries. Representing the buyer was Leighton C. Candler from The Corcoran Group. On the seller's side, Nikki Field from Sotheby's International Realty and Max J. Kozower from Maxwell Jacobs acted as their representatives.

Nikki Field, one of the representatives involved, shared some insight into the property and the motivations behind the sale. According to Field, Safra, who is 81 years old, had lived in the triplex for over 30 years with his wife Jean Doumanian. However, as they have multiple other homes, they decided to divest this particular property as they were not making full use of it. Field also mentioned that Safra acknowledged not having been to the third floor in years, which is considered the trophy floor, featuring a glass conservatory, offices, entertainment spaces, and stunning views of Central Park South and the reservoir.

This co-op sale marks a significant milestone in Manhattan's real estate market, being the largest co-op transaction since 2015. The sale price of $60,000,000 reflects the exclusivity and desirability of this property.