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.