Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Full-floor home fetches one-third less than original asking price

TRD New York /
Oct.October 10, 2019 04:31 PM
993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

A retail dealmaker sold a full-floor Fifth Avenue co-op with views of Central Park and downsized to another unit in the building.

Gilbert and Shelley Harrison sold their long-time 11th-floor apartment at 993 Fifth Avenue for $19 million, according to a public record filed with the city Wednesday. Its new owner is recorded as Nathaniel Wertheimer, apparently the son of Alain Wertheimer, co-owner luxury fashion house Chanel. Compass’ Arline Tarte had the listing. (Tarte did not respond to messages seeking comment, and Wertheimer couldn’t be reached.)

The Harrisons, who also have properties in Southampton and Palm Beach, had owned the Fifth Avenue home for 33 years, Gilbert Harrison said in a phone interview. They had decided to downsize and wanted to stay in the building, where he sits on the board, so they picked up a smaller, second-floor pad. (Harrison declined to reveal that unit’s sale price, which has yet to hit property records.)

The co-op sits between 80th and 81st streets and across from the Metropolitan Museum of Art. The five-bedroom home has a private elevator landing, staff room, library and 25-foot entrance gallery.

The home had been on and off the market since at least October 2016, according to its listing. The asking price at that time was $27.9 million.

Gilbert Harrison founded retail investment bank Financo, from which he retired two years ago, and is chairman of HarrisonGroup Inc., a financial advisory firm primarily for the retail and merchandising industries.

Wertheimer appears to be the son of Alain Wertheimer, who, along with his brother Gerard, owns Chanel. With a net worth of $58 billion, the tight-lipped Wertheimers rank among the richest families on the planet, according to an August article in Bloomberg, which noted that Nathaniel was set to begin working at Chanel.

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