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	<title>Observer &#187; City’s Second Most Expensive Co-Op Listing: Pincus Lists Pierre Duplex for $50 M. </title>
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		<title>Observer &#187; City’s Second Most Expensive Co-Op Listing: Pincus Lists Pierre Duplex for $50 M. </title>
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		<title>City’s Second Most Expensive Co-Op Listing: Pincus Lists Pierre Duplex for $50 M.</title>

		<comments>http://observer.com/2007/11/citys-second-most-expensive-coop-listing-pincus-lists-pierre-duplex-for-50-m/#comments</comments>
		<pubDate>Tue, 20 Nov 2007 23:27:54 -0400</pubDate>
					<link>http://observer.com/2007/11/citys-second-most-expensive-coop-listing-pincus-lists-pierre-duplex-for-50-m/</link>
			<dc:creator>Max Abelson</dc:creator>
				
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		<description><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/transfers-princessfiryalpincus1v.jpg?w=200&h=300" />It’s been three years and almost two months since Wall Street guru Martin Zweig began asking $70 million for his triplex penthouse co-op at <strong><span style="font-family: 'Exchange Text Bold'">The Pierre</span></strong>, the lithe, green-topped hotel tower at <strong><span style="font-family: 'Exchange Text Bold'">795 Fifth Avenue</span></strong>. The apartment has gotten at least two full-price offers, which listing brokers said last year “doesn’t mean anything” because the co-op board is so tough.
<p class="text">Now Mr. Zweig’s 16-room apartment has something else to worry about. A neighbor, the venture capitalist <strong><span style="font-family: 'Exchange Text Bold'">Lionel Pincus</span></strong>, companion to Princess Firyal of Jordan (once King Hussein’s sister-in-law), has listed his 12-room Pierre apartment for <strong><span style="font-family: 'Exchange Text Bold'">$50 million</span></strong>.</p>
<p class="text">According to the listing with the <strong><span style="font-family: 'Exchange Text Bold'">Corcoran Group</span></strong>’s <strong><span style="font-family: 'Exchange Text Bold'">Joan Kaplan</span></strong>, showings began on Monday for the co-op, the second most expensive apartment in the city (behind its upstairs neighbor).</p>
<p class="text">What does $50 million buy? The entire 30th floor, and half the 31st; seven bathrooms, just like in Mr. Zweig’s triplex; and then six bedrooms, one more than the penthouse’s paltry five.</p>
<p class="text">On the other hand, that triplex is more than twice the size of this 6,668-square-foot space. So while Mr. Zweig has been asking $5,124 for every square foot, Mr. Pincus now wants $7,498. “It’s an aggressive price, for sure,” said Prudential Douglas Elliman vice chairman Dolly Lenz, who sold Princess Firyal’s smaller apartment in the building a few years ago.</p>
<p class="text">“You never know who is out on the marketplace to buy,” she said, “but I just think it’s too high a price.” On the other hand, if she had the chance, Ms. Lenz would choose the duplex over the triplex penthouse. “Even before it was finished it was a very open, very well-proportioned space … whereas the top floor felt more hotely.”</p>
<p class="text">Ms. Kaplan would not comment: “I am bound by a confidential agreement not to say anything.” An assistant for Mr. Pincus, a co-founder and chairman of Warburg Pincus, hung up on this reporter. </p>
<p class="text">When a phone call to Mr. Pincus at the duplex didn’t go through, a phone operator at the building said, “Well, they own it, but sometimes they never come here.” City records from the mid-1990’s put Mr. Pincus’ address at 733 Park Avenue. “We don’t even see them!” the Pierre operator said. “At least the man on the phone is nice, that’s all I can say.”</p>
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		<content:encoded><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/transfers-princessfiryalpincus1v.jpg?w=200&h=300" />It’s been three years and almost two months since Wall Street guru Martin Zweig began asking $70 million for his triplex penthouse co-op at <strong><span style="font-family: 'Exchange Text Bold'">The Pierre</span></strong>, the lithe, green-topped hotel tower at <strong><span style="font-family: 'Exchange Text Bold'">795 Fifth Avenue</span></strong>. The apartment has gotten at least two full-price offers, which listing brokers said last year “doesn’t mean anything” because the co-op board is so tough.
<p class="text">Now Mr. Zweig’s 16-room apartment has something else to worry about. A neighbor, the venture capitalist <strong><span style="font-family: 'Exchange Text Bold'">Lionel Pincus</span></strong>, companion to Princess Firyal of Jordan (once King Hussein’s sister-in-law), has listed his 12-room Pierre apartment for <strong><span style="font-family: 'Exchange Text Bold'">$50 million</span></strong>.</p>
<p class="text">According to the listing with the <strong><span style="font-family: 'Exchange Text Bold'">Corcoran Group</span></strong>’s <strong><span style="font-family: 'Exchange Text Bold'">Joan Kaplan</span></strong>, showings began on Monday for the co-op, the second most expensive apartment in the city (behind its upstairs neighbor).</p>
<p class="text">What does $50 million buy? The entire 30th floor, and half the 31st; seven bathrooms, just like in Mr. Zweig’s triplex; and then six bedrooms, one more than the penthouse’s paltry five.</p>
<p class="text">On the other hand, that triplex is more than twice the size of this 6,668-square-foot space. So while Mr. Zweig has been asking $5,124 for every square foot, Mr. Pincus now wants $7,498. “It’s an aggressive price, for sure,” said Prudential Douglas Elliman vice chairman Dolly Lenz, who sold Princess Firyal’s smaller apartment in the building a few years ago.</p>
<p class="text">“You never know who is out on the marketplace to buy,” she said, “but I just think it’s too high a price.” On the other hand, if she had the chance, Ms. Lenz would choose the duplex over the triplex penthouse. “Even before it was finished it was a very open, very well-proportioned space … whereas the top floor felt more hotely.”</p>
<p class="text">Ms. Kaplan would not comment: “I am bound by a confidential agreement not to say anything.” An assistant for Mr. Pincus, a co-founder and chairman of Warburg Pincus, hung up on this reporter. </p>
<p class="text">When a phone call to Mr. Pincus at the duplex didn’t go through, a phone operator at the building said, “Well, they own it, but sometimes they never come here.” City records from the mid-1990’s put Mr. Pincus’ address at 733 Park Avenue. “We don’t even see them!” the Pierre operator said. “At least the man on the phone is nice, that’s all I can say.”</p>
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