Roy Neuberger’s Manhattan Apartment Sells for $10.5 Million

A Manhattan co-op apartment owned by Roy Neuberger, a co-founder of money manager Neuberger Berman who died in December at age 107, was sold for $10.5 million.

The deal for the three-bedroom unit on the 10th floor of the Pierre Hotel near Central Park was completed today, according to New York City property records. It went on the market in February with an asking price of about $11 million, according to the property listing by Judith Lederer, a broker with Warburg Realty in New York.

“The living room brings you back to the days of Grand Balls. Elegant living at its best,” according to Lederer’s listing. “The ceilings are very high and light floods the apartment from west, north and south exposures.”

The buyer was listed as David Helfand, the former chief investment officer of Sam Zell’s Equity Office Properties Trust, a real estate investment trust acquired by Blackstone Group LP (BX) in 2007. Helfand is a principal at Helix Funds, a property- investment management firm based in Chicago.

Helfand didn’t return a telephone message left at his office seeking comment on the transaction.

The Pierre Hotel, at 61st Street and Fifth Avenue, has 77 cooperative apartments in addition to 189 hotel rooms and suites, according to a building description on property-listings website StreetEasy.com. Co-op owners have access to hotel amenities such as daily maid service, room service and an on- call physician.

Neuberger, a collector of about 1,000 works of art over his lifetime, moved into his Pierre apartment in 1991, decorating it with works by Alexander Calder, Adolph Gottlieb and Milton Avery, among others.

He donated works to New York’s Metropolitan Museum of Art, Museum of Modern Art and Whitney Museum of American Art, and to dozens of other U.S. museums. Most of his collection is at the Neuberger Museum of Art in Purchase, New York.

Neuberger started his money-management firm with Robert Berman in 1939.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net.

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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