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.
More:Ex-GE Chief Selling Onyx-Filled Manhattan Pad 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.
From Penta:Hublot and Depeche Mode Expand Fundraising for Clean Water with Collector Watches
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.