One member of the Rechler real estate dynasty parted ways with prime personal real estate on Park Avenue.
Gregg Rechler, a managing partner of Rechler Equity Partners and the brother of RXR’s Scott Rechler, sold his co-op at 955 Park Avenue for $10.5 million, according to public records reported by Crain’s. The sale marks 10 percent off the initial price Gregg and his wife, Lisa, sought when it listed in June.
The couple purchased the eighth-floor unit in 2005 for $2.4 million.
The buyers were Elliott Investment Management partner Jason Genrich and his wife Sara, an attorney.
The five-bedroom, five-and-a-half bathroom home on East 82nd Street in the Upper East Side features a living room with a decorative fireplace, a primary suite with two bathrooms and two dressing rooms and a kitchen with a china closet. Two storage units were also included in the deal.
Gregg and Lisa listed the property in June for $12 million, eager to sell the unit at the prewar property as they continue to wind through a divorce battle that started almost five years ago.
A Sotheby’s International Realty team including Juliette Janssens had the co-op listing.
Rechler Equity, run by Gregg and cousin Mitchell Rechler, went public in 1995 and emerged as one of the tri-state area’s largest real estate investment trusts. Eight years later, the company spun off its Long Island properties into Rechler Equity, an entity with roughly 7 million square feet in the portfolio today.
Rechler Equity is shopping the Hampton Business District in Westhampton Beach, a five-building, 385,000-square-foot industrial park. Bidding for the campus is expected to top $200 million, which would easily shatter Long Island’s industrial sale record.
Elsewhere on the Upper East Side this week, Allen Simon — the inventor of the Wee Wee Pad — agreed to sell a sixth-floor apartment at 838 Eighth Avenue, which was listed for slightly less than $25 million. Simon spent seven years searching for a buyer.
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