March 14 (Bloomberg) -- Eli Broad, the billionaire philanthropist and co-founder of KB Home, sold a co-op on Fifth Avenue in Manhattan for $8 million, more than two years after listing it for almost twice as much.
Broad, founder of the Broad Foundation in Los Angeles, sold Unit 33T in the Sherry-Netherland hotel on Fifth Avenue and 59th Street, city property records show. The transaction was completed on March 11. The buyer is listed as Bedford Falls LLC.
The original asking price for the full-floor, two-bedroom apartment was $15 million in August 2008, according to property listings website StreetEasy.com. Broad reduced the price gradually over the next six months, until it reached $10.95 million in March 2009.
The apartment includes a library, a private elevator landing and “sweeping 360-degree views of Central Park and the city,” according to a listing by brokerage Stribling & Associates cited by StreetEasy. Monthly maintenance is $17,845, according to StreetEasy.
Sales of Manhattan luxury apartments, defined as the top 10 percent by price, fell 6.9 percent in the fourth quarter from a year earlier to 230, according to New York appraiser Miller Samuel Inc. and brokerage Prudential Douglas Elliman Real Estate. The median price of luxury units jumped 15 percent to $4.35 million.
The Sherry-Netherland, “a world-class residence for citizens of the world,” sits across from Central Park and the Plaza Hotel, according to a building description on StreetEasy.
“Homes have hotel maid service twice a day, and hungry residents can order their meals from Cipriani’s, located directly downstairs,” according to StreetEasy.
Other apartment owners at the Sherry-Netherland include David Boies, the antitrust lawyer who took on Microsoft Corp. and represented Al Gore in the contested U.S. presidential election of 2000. He bought his apartment in 2009.
Karen Denne, a spokeswoman for Broad, didn’t immediately return a voicemail seeking comment.
Broad’s foundations have invested more than $2 billion in education, scientific and medical research and the arts. Their commitments include $600 million to establish the Broad Institute of the Massachusetts Institute of Technology and Harvard University, according to a 2008 statement on the foundation’s website.
Broad, former chairman of insurer SunAmerica Inc., joined a pledge started by Warren Buffett for billionaires to give more than half their wealth to charity. Broad said in June that he and his wife, Edythe, plan to give 75 percent of their wealth to philanthropic causes.
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