March 3, 2008

Vera Wang buys her late parents' duplex apartment in Manhattan for $23.1M

Here's a new one: designer Vera Wang has paid $23,100,000 to buy a duplex apartment from her late parents and brother--and also from herself--in the building at 740 Park Avenue in Manhattan.

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The New York Observer's Max Abelson today broke the story of Wang, 58, buying the 10th and 11th-floor unit. The transaction was recorded with the city yesterday morning.

Back on July 19, we wrote about Wang preparing to list her 12-room apartment in the nearby building at 778 Park Avenue for $35,000,000, and we noted that the New York Post's fine celebrity real estate columnist Braden Keil had reported at that time that Wang was preparing to move into her parents' duplex at 740 Park Avenue. We hadn't figured, however, that Wang would come out and outright purchase the unit from her late father's estate--and from herself!

As the Observer noted, the deed identifies the three sellers of the unit as Wang's father's estate, her brother Kenneth and Vera Wang herself. The Observer interviewed an estates expert who noted that "it's common for the heir that lives in the family apartment to pay for it, so that the second heir will get his share of the value."

No word yet on any recent activity at the unit that Wang was expected to list, at 778 Park Avenue. We'll of course keep you posted.

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