Upper East Side 3BR Sells For $1.8M, Plummeting From List Price | NYC Co-op Apartment Sales
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Upper East Side 3BR Sells For $1.8M, Plummets From List Price

A 3-bedroom co-op apartment on Upper East Side at 35 East 85th Street sold for $1.8 million, a $1.195 million plunge from the original listing price of $2,995,000 when the apartment first went on the market in June 2008.

Eighteen months later — with multiple price drops, a change in realtors, the financial markets in turmoil, and one of the owners having survived one of eight deadly terrorist attacks in Mumbai, India on November 26, 2008 — the apartment finally sold.

The sellers were investment banker Peter and Celeste O’Malley. Peter is a Managing Director at Deutsche Bank concentrating on natural resources banking.

While checking out of the Taj Mahal Palace & Tower with a colleague in Mumbai, O’Malley identified the weapons being fired by terrorists as they entered the hotel lobby. “That’s an AK—run!” he told his colleague Eugene, then sprinted to escape a hail of gunfire. His colleague was wounded and survived. O’Malley spent hours hiding out in various areas of the hotel to avoid discovery by the gunmen. He kept busy praying, e-mailing his wife and kids, staying in touch with his corporate security department online, and planning his path to safety.

The buyers are investment banker Bilal Rashid and Durre Nabi. Rashid is a Senior Managing Director at Orchard First Source. Previously he was a Managing Director in the Global Markets & Investment Banking division of Merrill Lynch.

According to public records, O’Malley purchased the co-op in April 2004 for an undisclosed sum.

In addition to three bedrooms and 3 full baths, the apartment also has an outdoor terrace adjoining the master bedroom and a second bedroom, as well as a legal washing machine and dryer. Monthly maintenance on the 6 room apartment was listed at $2,077.

Claire Ratusch at Prudential Elliman had the most recent listing to seal the deal. Charles Ruttenberg Realty had the listing for three months from June to October 2008. When Elliman took it over that month, the price was lowered to $2.7 million.

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