Jack Welch, former chairman and chief executive at General Electric, has paid $18.75 million in cash for an apartment in one of Manhattan’s most stringently vetted co-op buildings, according to property records.
The two-bedroom unit at the Rosario Candela-designed building at 834 Fifth Avenue—where the co-op board enforces a zero-financing policy—marks a downsize for the business titan, who is selling off a lavishly fitted combo unit at One Beacon Hill in Sutton Place that he is listing for $25.9 million.
The seller was the estate of Ruth Stanton, a philanthropist whose late ex-husband, Ronald Stanton, founded transport company Trammo. She lived there for more than 40 years, according to The Real Deal, which first reported the sale.
The Upper East Side apartment has a traditional layout with a second-level for staff accommodations above the kitchen and laundry room that encompasses three small bedrooms and a shared bathroom.
The unit opens into a large entrance gallery that leads into a 30-foot-long living room with a wood-burning fireplace and treetop views of Central Park.
The grand living room leads from one end into a park-side library and from the other into a formal dining room, according to the listing with Leslie Coleman and Mary Rutherfurd of Brown Harris Stevens, who declined to comment on the sale.
Mr. Welch’s new home was one of only two units for sale in the low-turnover building. The only apartment available now is a residence asking a jaw-dropping $76 million.
The purchase is the latest move in a string of real estate deals for the former GE head. Besides listing his onyx- and marble-clad airee at One Beacon Hill, he’s been trying to sell a historic, 200-year-old Boston mansion that he listed in 2016 for $20 million, Mansion Global previously reported.
Mr. Welch, 82, could not immediately be reached for comment.
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