The Real Deal New York

Related’s Blau relists co-op for $35M — this time with CORE

Developer bought stake in boutique brokerage last week

October 30, 2014 05:21PM

relate

From left: Jeff Blau, 1040 Fifth Avenue in Carnegie Hill, Emily Beare and Elizabeth Beare

Roughly a week after the Related Companies acquired a large stake in residential brokerage CORE, Related CEO Jeff Blau has relisted his palatial 1040 Fifth Avenue pad with two of its brokers for $34.5 million.

CORE’s Emily and Elizabeth Beare will market the the 10-room unit, according to the Wall Street Journal. The co-op was initially listed in January with the Corcoran Group for $43 million, as The Real Deal reported, and the price was chopped down to $38 million before Blau de-listed the pad in June.

Blau paid $21.4 million for the apartment in 2008 and proceeded to gut-renovate it. He plans to eventually move to Hudson Yards, the newspaper said. [WSJ]Mark Maurer

  • john frank

    I like Related, but face it; what you bought and what your asking price is in a market filled with new product in more sought after locations, can’t compete. Yes buyers are paying ridiculous amounts right now, but not just because you want that price. You can list it with whomever, or get it featured on the “hooker show” (million dollar listing) and hopefully find some poor sucker to buy it. Million dollar listing is like a revolving door for over-priced properties which couldn’t sell and need serious help to sell. It’s a co-op (not best choice), purchased for $21.4 mil, 6yrs later asking $34-38 mil.. $13 mil return. There’s profit and there’s greed .. understandable. Alot of greed in NY market at present, reminds me of Wall Street before the collapse..

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