The last several years have been lackluster, as the extravagant compensation lavished on financiers during the boom years failed to materialize following the recession. But this year signs are emerging that bountiful bonuses are back, at least for some, and those who sell high-end real estate are seeing buyers return to the marketplace with more confidence and thicker wallets…As professionals in finance, many bonus-rich buyers put a premium on making sound investments. “It is the old saying that cash flows never grow old, and covering your expenses never grows old,” said Daniela Sassoun, an associate broker at Douglas Elliman Real Estate. “A lot of my clients are in private banking or private equity, and I think the bonuses create a sense of financial security, like, ‘I have more liquidity to spend,’ but of course it is very well thought out. These are bankers so they run their numbers.” [NYT]
He already cut it once to $98 million (from 115) and now it’s down to a mere $82 mill. At this point his practically giving it away and if the bargain basement price isn’t enough to get anyone to bite, how about he sweetens the deal by throwing in a coupla signed 8×10 copies of this puppy? Read more »
The home was listed in 2009 for $3.3 million and has been on and off the market; it was most recently listed in February for just under $2.5 million, and is under contract for “close to asking,” said listing agent Sally Papineau of Spring Island Realty. The buyer is from Chicago and works in the finance industry, she said. Located in Spring Island, a luxury residential community in South Carolina’s Low Country, the home is co-owned by Mr. Lewis and Dennis Thompson, the founder of the Charlotte, N.C.-based restaurant operator Firebirds International. They bought the property for $3 million in 2002, according to public records. Mr. Lewis said he and Mr. Thompson “have been good friends for a long time,” and decided to buy together, along with their wives, in part because they often golfed in the area. They decided to sell because they don’t use it as much as they would like. [WSJ via BI]
Do you find yourself among the hordes of New York hedge fund managers that Floridians say are moving to Florida? Looking for a suitable base in the new Greenwich, Palm Beach? Maybe something not-quite-Rosensteinesque, but with a little something extra? Something presidential, perhaps?
If so, you’re in luck: One New York private-equity guy who thinks Palm Beach is a great place to visit but no place to live is cashing out of a little piece of Camelot: the former home of bootlegger, insider-trader, inaugural SEC chairman, presidential and senatorial father, and all-around Renaissance man Joe Kennedy. Read more »
Back in April 2013, Steve Cohen put his 9,000-square-foot One Beacon Court apartment on the market for $115 million, which would have represented a modest 379.16% return. In January, he dropped the price to 98 mill. Four months later, a buyer has yet to materialize and the Big Guy is pissed. Embalm someone and suspend them in formaldehyde pissed. Read more »
When Sandy Weill sold his penthouse at 15 Central Park West for $88 million — the most expensive home in city history for more than twice what he had previously paid — it made headlines around the world. But now, The News’ Matt Chaban has learned, Weill is quietly trying for an even bigger flip, selling his former maids quarters in the platinum-plated building for six times what he paid. Unit 6H, facing out on busy Broadway, came on the market for $6.25 million in the middle of January, but Weill cut the price to $5.65 million two weeks later. That’s still a lot more coin than the $980,000 he paid for the 1,079-square-foot unit in October 2007. It’s also twice what an identical unit two floors up sold for last May. [NYDN via BI]