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Staid Upper East Side co-op, once asking $65M, gets a $27M discount

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It’s no longer poised to be a record-breaker

Talk about a price chop: a tenth-floor co-op at 1060 Fifth Avenue hit the market this week asking $38 million—which is a $27 million reduction from what it was asking last year, when it appeared for $65 million. At that time, it was close to the top of the list of the most expensive homes for sale in New York City; now, after the discount, it’s unlikely that it’d make the list at all.

The owner is former U.S. ambassador Bruce Gelb, who’s been trying to offload this apartment since last spring. As the Real Deal reports, he’s tried a few tactics to sell the place—including teaming up with a neighbor to offer the apartment as part of a larger, nearly $74 million combo unit—but ultimately, a price cut was in order. (To date, the building’s priciest sale is held by a duplex that sold for $48.9 million back in 2008.)

One reason why it might not be able to command that high of a price: the interiors are a bit dated, with only a few listings photos available to sell the six-bedroom, six-bathroom apartment. Though the brokerbabble touts the “exceptionally grand proportions and meticulously maintained original details,” that translates to stuffy and out of date.

Still, there are good bones, and the Central Park views don’t hurt. But is that worth $38 million? We’ll have to wait and see.