A Price Nine Months in the Making: Dubin Wants $18.5 M. for 1010 Fifth Co-op

Highbridge Capital Management co-founder and chief executive, Glenn Dubin, doesn’t stray far from his comfort zone, at least, not when residential real estate is concerned. The hedge funder and former Robin Hood Foundation chairman, who grew up in Washington Heights, upgraded from his 1010 Fifth Avenue duplex to Jacqueline Kennedy Onassis’ former 1040 Fifth Avenue residence just three blocks north. There’s no doubt about it, Mr. Dubin is moving up in the world: up to 85th Street.

But this upgrade has been slow in the making. In September of 2006, Mr. Dubin bought Onassis’ former residence from billionaire David Koch for $32 million. Though Mr. Koch and his wife did extensive renovations to the apartment during their tenure, Mr. Dubin; his wife, who is a doctor; and three children did not move into the 1040 Fifth apartment until February of this year, two and a half years after the contract was signed.

Now, nine months after moving out of 1010 Fifth, the apartment is finally going on the market, for $18,500,000. Why the lag? Perhaps Mr. Dubin was waiting patiently for the market to swing back, operating under Aesop’s advice that slow and steady wins the race. Indeed, his business strategy has been described by Institutional Investor as being “take-to-the-bank steady.” Though even if the 12-room, 1010 Fifth duplex is sold for the asking price, Mr. Dubin will still be $13.5 million short of breaking even with 2006’s 85th Street purchase. (He declined to comment for this story.)

Not to detract from the 6,000-square-foot “elegant Fifth Avenue cooperative.” Corcoran über-broker Deborah Grubman assures The Observer that the 1010 Fifth price is “very appropriate for the location of the apartment. It is right on 82nd Street, in front of the Met. It’s one of the most beautiful streets. And it’s quiet because it is not a through street.”

One can relish that quietude amid a seemingly ideal blend of old-world charm—prewar details, hardwood floors and a wood-burning fireplace—conveniently contrasted with new-world amenities—eat-in kitchen, central air-conditioning, double-pane windows. But it isn’t this harmonious synthesis that pushes the 12-room duplex’s price tag close to $20 million. The apartment’s most flaunted feature is indisputably the view from those aforementioned double-pane windows: Located on Museum Mile and above the tree line, the apartment has full south and west park views. Ms. Grubman adds, “There is an unusual amount of space for an apartment in that location. It has a lot of square footage.”

cmalle@observer.com A Price Nine Months in the Making: Dubin Wants $18.5 M. for 1010 Fifth Co-op