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New York

Bruce Gelb finally sells Fifth Ave co-op for $48M off initial ask

Former ambassador’s Carnegie Hill unit traded six years after listing

Bruce Gelb with 1060 Fifth Avenue
Bruce Gelb with 1060 Fifth Avenue (Getty, Apartments)

Former pharma exec Bruce Gelb served as an ambassador to Belgium for three years. It took double the time to sell his Carnegie Hill co-op at a price reminiscent of bitter Belgian chocolate.

Gelb sold his prewar co-op at 1060 Fifth Avenue for $17.5 million, according to public records. The buyers are Andre Moura, managing director at New Mountain Capital, and his wife, Sophia.

It took months for the sale to close, as the New York Post reported Gelb was in contract to sell the property in June. When the contract was signed, the final ask on the pad was $20 million.

At first glance, it appears the Mouras scored a decent discount from that last ask, but the purchase price was actually significantly lower than what the 95-year-old Gelb once sought. In 2016, he listed the property for a whopping $65 million, making it one of the priciest listings in the city at the time.

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The intervening years were not kind to Gelb as the listing bounced between brokerages, accompanied by deep price cuts. Luxury agent Dolly Lenz relisted the 15-room apartment in 2017, reducing the price by 42 percent to $38 million. Five months later, Compass and Stribling & Associates were in the driver’s seat and dropped it to $34.5 million.

Sotheby’s International Realty took the wheel in 2019, eventually dropping the price to $24 million. After no one bit again, Sotheby’s pulled the listing last August before bringing it back online in February.

The 10th-floor unit includes seven bedrooms and five bathrooms, as well as a private elevator landing opening to a gallery and entertainment rooms with Central Park views. The corner living room has a wood-burning fireplace, while an adjacent library and formal dining room have fireplaces and more park views.

The apartment also has a kitchen with a pantry and staff and laundry areas.

Serena Boardman of Sotheby’s, who worked as the listing agent, did not immediately respond to a request for comment.

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Carnegie HillFifth AvenueLuxury Real Estate