Hedge Funds

Fifth Avenue pad a tough sell

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Karen Fleiss, founder of New York-based KMF Partners, is finding the current real estate market none too pleasant.

In early July, Fleiss and her husband David put their 1030 Fifth Avenue duplex apartment on the market for $47.5 million. When their 16-room pre-war coop apartment failed to generate interest, the couple lowered their asking price to $39.95 million in October, and then to $34.5 million. By mid-November, the couple tried to unload the bottom floor of the duplex for $15 million, but that didn't fly either. Now the apartment is back on the market for $25 million -