Manhattan penthouse sparks bidding war, closes 40% over asking price
Subscribe to our free newsletter today to keep up to date with the latest luxury housing news.
In Manhattan’s luxury real estate market, legacy and location often outweigh modernity. The recent $14 million sale of Paul Newman and Joanne Woodward’s Fifth Avenue apartment confirms that sentiment. Initially listed for $9.95 million in December 2024, the property drew more than 50 showings and 11 offers. It closed at a price roughly 40 percent over the asking amount.
Interest in the apartment went beyond architecture or address. It was a rare chance to own a residence connected to one of Hollywood’s most celebrated couples. Purchased in the early 1980s, the apartment served as their city retreat for decades.
This sale also underscores a consistent feature of Manhattan’s co-op market: selectivity. One bid, higher than the final sale price, was declined by the building’s board due to the buyer not intending to use the apartment as a primary residence. In co-op sales, acceptance often hinges on more than just the offer.
A look inside the apartment that once hosted presidents and icons
The apartment, located in a 1925 J.E.R. Carpenter–designed building at 1120 Fifth Avenue, spans nearly 3,000 square feet. Its wraparound terraces offer more than 2,300 square feet of private outdoor space, with direct views of Central Park and the Jacqueline Kennedy Onassis Reservoir.
Inside, the layout reflects Newman and Woodward’s lifestyle. Originally a two-bedroom, it was reconfigured into a one-bedroom with a full library. Period details remain throughout: herringbone floors, 11-foot ceilings, moldings, built-ins, and a wood-burning fireplace. A hidden bar and 1980s tile bathroom add to its distinctive charm.
Other features include a formal dining room, a butler’s pantry, a staff room, and an eat-in kitchen. The monthly maintenance is about $13,000, and the building allows 50 percent financing. Amenities include a full-time doorman, live-in manager, fitness center, and bike storage.
Revisiting the Newman-Woodward era on Fifth Avenue
Newman and Woodward used the apartment as a pied-à-terre, commuting from their primary home in Connecticut. Their daughter described it as a romantic spot where the couple would spend weeks enjoying the city’s theaters and restaurants.
Over the years, the space became a quiet gathering place for well-known guests, including Barack Obama, Bill Clinton, Tom Cruise, Cher, and Harry Belafonte. While their public lives were widely documented, this apartment served as a private backdrop to their personal and social lives in New York.
The market dynamics behind a $14 million sale above asking
The bidding war for the apartment illustrates key market trends in high-end Manhattan real estate. The combination of location, history, and outdoor space made the property rare. The buyer, a finance professional, was ultimately approved by the co-op board, which continues to play a gatekeeping role in these transactions.
Although one prospective buyer made a higher offer, the board’s concern over primary residency led to the rejection. In buildings with limited units and long-standing rules, cultural fit often weighs more than price.
Even as new developments with expansive amenities rise across the city, demand remains strong for pre-war buildings with character. Legacy co-ops along Fifth Avenue continue to attract buyers who value history, discretion, and enduring prestige.
Sources