Massimo Ferragamo, chairman of Ferragamo USA, is selling an $18 million duplex co-op on Manhattan’s Park Avenue.
The large Upper East Side apartment spans two formerly separate units on the eighth and ninth floors that Mr. Ferragamo combined over 20 years ago, and which boasts, in total, 3,000 square feet of landscaped outdoor space with views that skim Central Park.
“That amount of outdoor space is pretty difficult to find” in the area northeast of Midtown, said Ryan Serhant, who is listing the home for Nest Seekers International along with Chase Landow.
Mr. Ferragamo and his wife, Chiara, no longer have a need for the apartment, as they’ve moved back to their native Italy and their children have gone off to college.
“Now that they’re empty nesters, it doesn’t make sense,” Mr. Serhant said, especially since “it’s a very, very large apartment.”
The duplex has 15 rooms, five of them bedrooms, plus seven bathrooms. There’s a raised solarium off of the main living room, a library and separate staff accommodations. The home hit the market on Friday, according to listing records.
Mr. Ferragamo, 59, who was not available for comment for this article, runs the American arm of the fashion empire founded by his late father, Salvatore Ferragamo.
In all, the two-unit combo, which they bought in two stages in 1993 and 1996, spans nearly 6,000 square feet, according to The New York Times, which first reported the listing. City property records do not show the price the family paid.
Their renovation included carving out a winding central staircase that created what Mr. Serhant compared to a kind of atrium. The second-floor landing looks out over the sweeping stairs and double-height gallery below. “It’s very difficult to make these massive cut outs,” he said. “They did a lot of the heavy lifting.”
Even still, the next buyer will probably want to modernize the apartment, which hasn’t undergone extensive work since the 1990s, Mr. Serhant said. In anticipation of that, the unit comes with a set of pre-approved set of plans for a renovation, according to the listing.
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