Please, buy my co-op: Fifth Ave home for sale (again) for $45M off initial ask
Former U.S. ambassador Bruce Gelb’s co-op, now with its fourth brokerage, asks $20M — down from $65M in 2016
Is Manhattan’s hot luxury market finally hot enough to find a buyer for former U.S. ambassador and pharma exec Bruce Gelb’s Carnegie Hill co-op?
The prewar co-op owned by Gelb at 1060 Fifth Avenue is back on the market for $20 million — a $45 million discount from its original asking price in 2016, when it was one of the priciest listings in the city.
As the years wore on and the listing bounced from brokerage to brokerage, that price was slashed in dramatic fashion. The first cut came when luxury agent Dolly Lenz relisted the sprawling 15-room residence in 2017, lowering its asking price to $38 million — a 42 percent reduction. Five months later, the property landed with Compass and Stribling & Associates, who lowered its price to $34.5 million.
Sotheby’s International Realty took over the listing in 2019, with the same $34.5 million ask. After 18 months, the price was slashed to $24 million. Still, no one bit, and the co-op was pulled from the market in August of last year before resurfacing in late February.
Sotheby’s agent Serena Boardman, who now has the listing, did not immediately respond to requests for comment.
The 10th-floor unit has seven bedrooms and five bathrooms along with a private elevator landing that opens to a gallery and entertaining rooms, all of which have views of Central Park. The corner living room has 11-foot ceilings and a wood-burning fireplace. An adjacent library and formal dining room also come with fireplaces and park views.
The apartment’s circular floor plan also includes a kitchen with a pantry and staff and laundry areas.
Some luxury apartments have struggled to sell in recent years, however, as buyers seek out more space, Manhattan’s luxury market was rejuvenated last year as some wealthy buyers returned to the city and others sought out more space. Nearly 1,900 contracts were signed in the borough for homes asking $4 million and above, according to Olshan Realty, the highest total recorded in any year since the firm began tracking luxury contracts in 2006.