Xerox CEO—and Obama Transition Aide—Sells Condo to Novartis Boss for $3.8 M.

Max Abelson — Wed, 03 Dec 2008 00:06:46 -0400

In the wonderful imaginations of wild-haired, politically active college sophomores everywhere, the chief executive officers of multinational corporations meet in volcanic caverns lit by candelabra, drink good port, snicker about the foolish masses and sell one another their 24th-floor Manhattan condos with handshakes.

In reality, CEO-to-CEO deals really do happen, even during horrendous economic slumps, though volcanic caverns are not involved. According to city records, the much-celebrated Xerox chief Anne M. Mulcahy sold her apartment at the Grand Beekman on East 51st Street last month to Rober Pelzer, the new chief of Novartis Corp., the North American entity of the gigantic Swiss-based pharmaceutical company Novartis.

The price for the three-bedroom, 2,347-square foot condominium was $3.8 million.

Might Ms. Mulcahy, a member of President-elect Obama’s Transition Economic Advisory Board, be selling off some real estate to prepare for a move to the capital? “I wouldn’t say that’s the case,” a company spokesperson said this week. “That’s something that’s a personal decision with her. Anne Mulcahy remains the CEO of the Xerox Corporation and intends to be the CEO of the Xerox Corporation for the time being.” He called later to say Ms. Mulcahy had put a down payment on another New York City property.

She’ll be leaving behind a master bedroom suite with a spalike en suite bathroom, according to a listing.

mabelson@observer.com

Observer » Xerox CEO—and Obama Transition Aide—Sells Condo to Novartis Boss for $3.8 M.

Xerox CEO—and Obama Transition Aide—Sells Condo to Novartis Boss for $3.8 M.