Fraudster’s Former Pad Still Won’t Sell

Tuesday, 05 Nov 2013 05:14 PM
770 Park Avenue duplex dining room
770 Park Avenue duplex office
770 Park Avenue duplex bedroom
770 Park Avenue duplex 2nd bedroom
770 Park Avenue duplex chef's kitchen
770 Park Avenue duplex dressing room

The former home of notorious fraudster Hassan Nemazee is on the market yet again—for an even lower asking price!

The 770 Park Avenue four-bedroom, five-bathroom co-op, which appears to be striving for a very antique feel (actually, one might call it an “old lady chic” style) is on the market now for $16 million. This comes after originally being listed by Sotheby’s two years ago for $18 million and then taken off the market and relisted for a mindboggling $23.8 million. Then the asking price was reduced even further to a more sensible $17.9 million, before finally coming back at us (several brokers later) with the more palatable $16-million price tag. 

The 15-room duplex, which is in need of some major revamping, actually has some fine features; these include a two-room master suite, chef’s kitchen, maid’s room, and library—all within the old-style luxury building designed by Rosario Candela.  

The place is apparently still plagued by its troubled past, and seems to have problems finding a buyer. Nemazee, an investment banker who swindled banks out of $292 million, went to prison in 2010. The co-op was subsequently taken under the wing of authorities and listed on the market for more than two years. It even found a buyer back in March (who was actually Marina Shields Purcell, the half-sister of Brooke Shields) but now is again on the market. There’s no word why she backed out. 

Will this place ever be matched with a happy buyer? Your guess is as good as ours.