William D. Zabel (via Schulte Roth & Zabel)
When we last checked in with William Zabel, founding and name partner at Schulte Roth & Zabel, the “bow-tied superlawyer” had just put his Park Avenue pad on the market for $4.2 million.
Why was he selling his longtime family home? Because he had traded up — to a $7.9 million co-op, also on the Upper East Side.
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The new building of Bill and Deborah Zabel, 10 Gracie Square, has a distinguished pedigree — even more distinguished than that of their former home, 850 Park Avenue.
A 1985 article by Tom Wolfe for Esquire listed 42 residential buildings as “Good Buildings,” the most desirable and exclusive addresses. Ten Gracie Square made the list, while 850 Park did not. And yes, the “Gracie” in Gracie Square is the same Gracie family of Gracie Mansion, the official residence of the Mayor of the City of New York (a short stroll away).
10 Gracie Square
As one might expect from a “Good Building,” 10 Gracie Square has top-tier amenities and an impressive slate of former residents. Per StreetEasy:
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“Located on 84th Street between the East River Drive and East End Avenue across from Carl Schurz Park, 10 Gracie Square is one of Manhattan’s most prestigious addresses. Built in 1930, this white glove full-service pre-war building has 15 floors and 43 apartments. Notable former residents include Gloria Vanderbilt, conductor André Kostelanetz, Alexander Woolcott and Madame Chiang Kai-Shek who lived in an 18-room duplex until her death in 2003. Amenities in the building include a full-time doorman, attended elevator, driveway, garage, garden, basketball court, laundry room (W/D allowed in apts.) and storage. The building originally had a private club below that offered yacht mooring which was demolished for the FDR. The club is now a fitness center. Pet friendly. 30% financing permitted. 3% flip tax.”
Thirty percent financing “permitted” means that buyers need to make a down payment of at least 70 percent — so the Zabels coughed up at least $5.5 million in cold, hard cash. Their new home also comes with monthly carrying costs in the five figures — a maintenance tab of $10,674, according to the listing, not including taxes. [UPDATE (3/4/2019, 3:45 p.m.): I momentarily forgot, but an observant reader reminded me: this is a co-op, so taxes are included in the maintenance.]
What did the Zabels get in exchange for their millions? Let’s poke around….