Eli Broad, co founder of KB Home is a billionaire philanthropist who along with his wife has pledged to give 75% of his wealth to philanthropic causes. Mr. Broad recently sold a co-op on Fifth Avenue in Manhattan for $8 million. It was a rather steep climb down for him as he had originally listed the property for almost double the sale price at $15 million almost two years ago. The property in question is Unit 33T in the Sherry Netherland hotel on Fifth Avenue and 59th Street.
Bedford Falls LLC has been listed as the buyer in the records. It is a two bedroom full floor apartment that includes a library, a private elevator landing and above all a 360 degree view of Central Park and the City. According to the property listing website StreetEasy.com Stribling & Associates are the brokerage handling the listing. The monthly maintenance for the high end apartment is $17,845 and the services provided are proportionately high.
The Sherry Netherland has been described as a world class residence for citizens of the world. Maid service is provided twice daily and meals can be ordered from Cipriani’s which is located directly below. David Boie, the noted antitrust lawyer is a resident of the building. This quarter has not been good for the prices of luxury apartments in Manhattan which have registered a drop of almost 7%. We can only hope that the prices will firm up in the next quarter.