$22M rehab of David Geffen’s $54M penthouse completed at 785 Fifth Avenue in Lenox Hill

On July 24, the $21.8 million rehab of David Geffen’s $54 million penthouse was completed at 785 Fifth Avenue in Lenox Hill.

The plans, pre-filed on June 17, 2014, called for a rehab of the two-story penthouse and roof of the 161-foot tall, 18-story, co-op building.

The project is described in the filings as: interior renovation to include demo of existing and construction of new partitions and finishes as shown on plans filed. Work to be done at floors: roof/penthouse floor/17th floor (18th rental). The initial cost as reported in the DOB filing for the work described in this permit application is $21,835,214.

The music mogul and Dreamworks co-founder purchased the luxurious penthouse from Denise Rich for $54 million in 2012. The sale was well below the $65 million asking price, which would have made it the most expensive co-op at the time.

Geffen had also owned the unit below the penthouse, 17AB, before selling it to Russian-American oil tycoon Eugene Shvidler for $24.5 million in 2018. Geffen had purchased it for over $10 million less in 2010, when he acquired it for $14.17 million.

The renovation faced some speed bumps along the way. In 2016, Howard and Gloria Schwartz, who live six floors below the penthouse, sued Geffen for $2.5 million claiming the renovation caused cracked walls, peeling designer wallpaper, and popped tiles in their home, as well as and mental distress and health problems.

Direct link to Acris document.LINK

Direct link to DOB document.LINK