Billionaires Battle For Pricey Penthouses

The Wall Street Journal has a great piece on the increasing bidding wars for the priciest properties on the Upper East Side.

Writes the Journal:

The swarm of interest in these expensive apartments is part of a big rebound in top prewar co-op sales this year, after a long dry spell when the segment lagged behind top sales in modern, postwar, glass-and-stone condominiums.

Since 2008 and the onset of the world financial crisis, there had been only a handful of sales of co-ops for $30 million or more. There were two related sales in the same building in 2009, none in 2010 and two sales in 2011, according to city property records.

So far this year, brokers say there have been four co-op sales, either closed or in contract, in the same range, including a record-setting $52 million contract for two duplex co-ops near the top of 740 Park Ave.

Evidently it’s the same pack of billionaire investors scoping out trophy properties, and they often pass each other in the lobby on the way to viewings.

For the full scoop, head here.