Related Companies’ Blau Relists in New York for $34.5 Million

The Wall Street JournalOctober 30, 2014

Related Companies CEO Jeff Blau is putting his money where his mouth is. One week after Related announced that it had acquired a stake in the boutique real-estate brokerage CORE, Mr. Blau is listing his Fifth Avenue apartment for $34.5 million with CORE agents—the mother-daughter team Emily and Elizabeth Beare.

 

Located in the Rosario Candela -designed co-op 1040 Fifth Avenue, the 10-room apartment first went on the market with the Corcoran Group for $43 million in January. It was then reduced to $38 million and was subsequently taken off the market in June.

 

Mr. Blau purchased the apartment in 2008 for $21.42 million, according to public records. He and his wife Lisa spent about three years gut-renovating it, Emily Beare said. Mr. Blau said he is moving because he has a growing family. He said he plans to stay in the neighborhood for now but will eventually move to Hudson Yards, where Related is developing a 28-acre project.

 

With views of Central Park, the apartment is currently configured as three bedrooms, with a media room and staff quarters as well as 4½ bathrooms, Emily Beare said. The prewar apartment has a wood-burning fireplace, and there is a terrace off the master bedroom.

 

 

CORE and Related, which owns and manages some $20 billion worth of real estate across the country, announced the acquisition last week. CORE will remain a separate company and maintain its three offices.

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