High-Risk Business Honcho Selig Zises Sells Fifth Avenue Floorthrough

Very generic Fifth Avenue.
Of course the apartment has park views. For $19.5 million it had better.
A place to pause and catch your breathe as you pass between the many rooms in your house.
This looks like the haunt of a mystery reading English lady.
The floor is all yours.

After owning his full-floor spread for more than 25 years, businessman Selig Zises apparently decided it was finally time to get out of real estate.

And why not? Prices may not get any better than this: Mr. Zises cashed out the 9th-floor condo at 988 Fifth Avenue for $19.5 million, city records show.

Mr. Zises, the founder of Integrated Resources, a financial services firm that crashed and burned in the late 1980s after binging on junk bonds, bought the 3,500-square apartment under the company’s name in 1982 before transferring it to his own in 1986. Records do not show how much Mr. Zises or Integrated paid for the privilege of taking possession, but we’re going to guess that it wasn’t anywhere near $22 million—the asking price Mr. Zises when he listed the apartment this February with Stribling broker Marcy Grau.

We suppose that buyer Timberocean LLC.  didn’t mind paying a premium to live in one of only two pre-war condo buildings on Fifth Avenue. At least, being able to buy anonymously is a huge benefit of condos versus co-ops. And we imagine that business associates of Mr. Zises, who have not fared well in the press (ahem Rep. Gary Ackerman) might want to avoid having their names in the paper.

Besides the boon of secrecy in a pre-war building, Timberocean will also enjoy a private elevator landing, “sweeping park and museum views,” three fireplaces and lots of en-suite baths.

Mr. Zises, who has hand a hand in a number of business ventures since his Integrated days, lists his new address as the Carlyle.


Must Reads

We noticed you're using an ad blocker.

We get it: you like to have control of your own internet experience.
But advertising revenue helps support our journalism.

To read our full stories, please turn off your ad blocker.

We'd really appreciate it.

How Do I Whitelist Observer?

How Do I Whitelist Observer?

Below are steps you can take in order to whitelist Observer.com on your browser:

For Adblock:

Click the AdBlock button on your browser and select Don't run on pages on this domain.

For Adblock Plus on Google Chrome:

Click the AdBlock Plus button on your browser and select Enabled on this site.

For Adblock Plus on Firefox:

Click the AdBlock Plus button on your browser and select Disable on Observer.com.

Then Reload the Page