Oct. 18 (Bloomberg) -- Jay S. Fishman, chief executive officer of Travelers Cos., bought a Park Avenue apartment for $4.2 million after the price was reduced by almost a quarter from its original listing, Manhattan property records show.
Fishman, whose compensation rose by 42 percent in 2009, purchased a three-bedroom, three-bathroom apartment at 1100 Park Avenue. The “full-service, white-glove” cooperative building “offers residents the highest levels of service and privacy,” according to the listing on StreetEasy.com.
“This eight-room prewar residence is perched on a high floor and features excellent light, grand proportions, and 60 feet of Park Avenue frontage,” the property listing said. “A 20-foot foyer offers entrance to a vast 28-foot living room with a fireplace that overlooks the Avenue.”
Fishman, 57, closed on the apartment on Oct. 5, according to property records. His home address in Englewood, New Jersey, that is cited in the records is the same as the one listed in federal election campaign contributions. Travelers, the largest U.S. property-casualty insurer by market value, last year moved its main executive office to New York from St. Paul, Minnesota.
Shane Boyd, a spokesman for Travelers in St. Paul, declined to comment on Fishman’s purchase.
The Park Avenue apartment was sold by the estate of Theda Meltzer and has been on the market since March 2009, according to StreetEasy. The property was originally listed at $5.5 million and had been reduced to an asking price of $4.3 million.
Luxury Apartment Demand
Sales of luxury apartments, defined as the top 10 percent by price, jumped 19 percent in the third quarter to 266 transactions, according to appraiser Miller Samuel Inc. and Prudential Douglas Elliman Real Estate. The median price of luxury units climbed almost 13 percent to $4.39 million.
On the Upper East Side, the median price of existing co-ops increased 24 percent to $918,000 from a year earlier, according to New York brokerage Corcoran Group.
Travelers boosted Fishman’s total compensation for 2009 to $20.6 million from $14.5 million a year earlier. His bonus rose 50 percent to $7.5 million. The insurer, which joined the Dow Jones Industrial Average last year, reported a 24 percent increase in profit in 2009.
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