IN THE STREETS & ON THE WEB

RECORD EXECUTIVE DAVID GEFFEN PAYS $54 MILLION FOR HIS NEW FIFTH AVENUE PAD!

Music mogul David Geffen has broken a record.

For the price of a Manhattan co-op that is.

The co-founder of Asylum Records and DreamWorks just closed on a $54 million duplex penthouse on the upper East Side owned by songwriter and socialite Denise Rich, real estate insiders say.

The Brooklyn-born Geffen already owns an apartment in the same building, 785 Fifth Ave. at 60th St., right below the duplex.

His new 12,000-square-foot unit has 20 rooms and outdoor space galore, with a roof deck and wraparound terraces amounting to another 5,000 square feet. The interior amenities include fine marble flooring, mahogany doors and multiple fireplaces.

The upper level features a chef's kitchen near a dining room that can seat 22. But if Geffen wants a snack, there are two more kitchens on the lower level. He can work it off in the full gym that overlooks Central Park.

But Geffen apparently isn't entirely satisfied the space. He plans to renovate the penthouse and then sell his existing apartment, according to the Wall Street Journal.

Rich, who was represented by Corcoran agents Bonnie Pfeifer Evans, Noble Black and Chazz Levi, originally listed the penthouse for $65 million. Even though she took $11 million less, the price still sets the record for the most expensive co-op apartment sold in New York City.

The previous record was set in May, when billionaire investor Howard Marks and his wife, Nancy, paid $52.5 million for a 30-room spread at 740 Park Ave.

Condos, which don't require a buyer to obtain an often-persnickety board's approval, have sold for even more.

Last winter, Russian billionaire Dmitry Rybolovlev bought at 15 Central Park West for $88 million. In spring, a buyer agreed to pay more than $90 million for a penthouse duplex at One57 in midtown.