THE WALL STREET JOURNAL. Friday, March 6, 2020 |M3
PRIVATE PROPERTIES
Financier
Buys on
Fifth Avenue
Financier J. Christopher
Flowers is in contract to buy an
apartment in a luxury Manhat-
tan co-op building for roughly
$50 million, according to people
familiar with the deal.
If it closes for that price, the
apartment would be among the
priciest transactions in New
York in recent months.
On Fifth Avenue and
East 66th Street, the
roughly 7,500-square-
foot apartment spans
an entire floor of the
co-op, according to
people familiar with
the building. Because
the unit wasn’t offi-
cially on the market,
there are few other details
available, though the building is
known for having 36-foot-long
living rooms, high ceilings and
libraries facing Central Park.
The limestone-clad co-op has
only about 18 apartments and
has been home to high-profile
residents such as the late Mi-
crosoft co-founder Paul Allen
and Alan C. Greenberg, the latechairman of Bear Stearns,
records show.
The unit was most re-
cently owned by Iraqi-born
investor Ezra Zilkha, accord-
ing to records. He died in- He and his wife, the
late Cecile Zilkha, owned
the apartment for over
three decades, re-
cords show.
Mr. Flowers,
founder of private-
equity firm J.C.
Flowers & Co. and a
former partner at
Goldman Sachs, is
known for having
an appetite for
high-end New York
real estate. In 2013, he
bought a floor of a co-op
building at 640 Park Avenue
for $20 million, The Wall
Street Journal reported. A
spokeswoman for Mr. Flow-
ers declined to comment.
Mr. Zilkha’s son, Donald
Zilkha, could not be reached
for comment.
—Katherine Clarke
SOLD$50
MILLION
7,500 sq. ft.
Spans entire
floor of the
building
HOULIHAN LAWRENCE (2); PATRICK T. FALLON/BLOOMBERG NEWS (ARMSTRONG)
Tim Armstrong, the former chief
executive ofAOL, is listing his
home in the Riverside area of
Greenwich, Conn., for
$26.75 million.
Mr. Armstrong and his
wife Nancy Armstrong
have a strong connection
to the area, having moved
there nearly two decades
ago. In 2007, the neighbor-
hood was the testing
ground for Patch, the local
news platform Mr. Arm-
strong co-founded, which
sold to AOL in 2009. Mr. Armstrong
became chief of AOL that same
year.
Mr. Armstrong said he and a
friend came up with the idea for the
platform after overhearing a conver-
sation in a bagel shop about a news
story that had been overlooked.
Verizon Communications ac-
quired AOL in 2015; Mr. Armstrong
now serves as the CEO of dtx com-
pany, a firm that builds and invests
in direct-to-consumer brands and
platforms. Now that the couple’s
three children are grown, Mr. Arm-
strong, 49, said he and his wife are
planning to build another house
nearby as they transition into be-
coming empty nesters.
Mr. Armstrong and his wife
bought the waterfront parcel for
$10.4 million around 2008, records
show, and spent millions building a
shingle-and-stone home of roughly
11,400 square feet with six bed-
rooms. On over 2 acres, the home
overlooks a lake that opens up to
the Long Island Sound with water
views from almost every room. The
couple and their children have en-
joyed living so close to the water,
where they can go boating and pad-
dleboarding, Mr. Armstrong said.Former AOL Chief Lists
His Greenwich Estate
wich home, Mr. Armstrong said.
“We were sitting at home watching
it when our phones started ring-
ing,” he recalled. “People were say-
ing, ‘I think I saw your home.’ ”
The Greenwich market has been
struggling, as wealthy New Yorkers
choose to live in the city rather
than commute to the suburbs. Oth-
ers have decamped to Florida in
search of more favorable tax rates.
Roughly 90% of Greenwich deals
closed in the fourth quarter were
for less than the asking price, ac-
cording to a report by Miller Sam-
uel and Douglas Elliman, with the
average discount coming in at 9.6%.
Sales also fell 12% year over year.
Doron Sabag of Houlihan Law-
rence, the listing agent and the
home’s builder, said he believes the
market is strong for unique homes.
He is listing the property with col-
league Jim Hoffman.
—Katherine ClarkeFormer Rhode Island retreat of
John C. Whitehead listsM16The home has neutral white inte-
riors designed by New York decora-
tor Victoria Hagan. There is a large
open-plan kitchen and family room
with a dining island, a formal dining
room with a fireplace and a sweep-
ing staircase. In the basement, there
is a lounge with a bar and wine wall
and a game room. The home also
has an outdoor infinity pool over-
looking the water.
The house was featured in an
early episode of the television
show “Billions”; an aerial shot of
the property was used to depict
character Bobby Axelrod’s Green-FOR SALE$26.75
MILLION
11,400 sq. ft.,
wine wall,
water views from
almost every
roomTim Armstrong paid $10.4 million
for the waterfront parcel in 2008.MINDY KATZMAN/THE WALL STREET JOURNALORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. All artist’s or
architecturalrenderings, sketches, graphic materials and photos depicted or otherwise described herein are proposed and conceptual only, and arebased upon preliminary development plans, which are subject to change. This is not an offering in any state in which registration is required but in which registration requirements have not yet
been met. THIS IS NOT AN OFFER FOR CONTRACT OR SALE IN THE STATES OF NY, NJ OR MASS.THE SUCCESS CONTINUES
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