real estate

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]

No one took a bite at $115 million but at 98, this thing’ll practically sell itself! Read more »

Time was, you needed a bag filled with at least $10 million in unmarked twenties to buy a house in Greenwich, CT, where many a multi-billionaire hedge fund manager reside, and it’s a legitimate insult to have a newspaper claim your home is a measly 14,000 square feet. Now? Thanks to the global financial crisis, job cuts, and bonuses that leave people sobbing under their desks? Sellers no longer have the luxury of standing their ground and waiting for someone to come along who appreciates their Bloomberg Terminal-shaped pool and the $50 million price tag that comes with, allowing practically anyone to buy in, and even those who have the means to spend 8-figures on a house, on the spot, no questions asked, are holding out for bargains, like common riff-raff. Read more »

Were they baited with promises of meeting the Donald in the flesh, only to be offered an opportunity to stand in line for a photo-op with a poster bearing his face? Maybe. Did thousands of Trump College alums nevertheless give the school an A+, tuition well spent? Supposedly, yes. Read more »

Want to make a difference in the life of an economically disadvantaged ex-bank chief? As some of you may recall, the collapse of Bear Stearns in March 2008 made a serious dent in former Chairman and CEO Jimmy Cayne’s net worth, shrinking $1 billion and leaving him with a net worth of mere millions. For a boy who was once in a position to buy anything his heart desired (90210 Kush, Grand Daddy Purple, Blueberry YumYum, Alaskan Thunderfuck, Lavender Hash, Northern Lights #5), it’s meant a seismic change in Cayne’s lifestyle. For example, JC can no longer justify the cost of the 10-week sleepaway bridge camp he’s attended every summer for the last 18 years. That’s where you come in. Read more »

In recent times, when one spoke of housing crises and victims, it was generally in reference to those who’d found themselves homeless due to foreclosure proceedings; those who’d seen the value of their homes cut in half; and those who were not in default but nevertheless had a lock put on their front door, all their earthly possessions confiscated, and their best friends kidnapped due to a trigger-happy bank that, for the record, never apologized for setting off a chain of events that resulted in a person needing to be prescribed anxiety medication for emotional distress.

These people, with all due respect, have no fucking clue what it means to suffer. Read more »

  • 13 Jun 2013 at 5:49 PM

Goldman Made Some Preferred Stock Investors Sad

How shady is this morning’s delightful Journal story about the travails of Equity Inns preferred stockholders? I think the answer is “just the right amount of shady,” but you might disagree. The gist is that Goldman Sachs real estate private equity funds bought out Equity Inns but left almost $150mm of preferred stock outstanding. Once ENN was no longer a public company (because Goldman owned all its common stock and it had fewer than 300 shareholders), it delisted its preferred stock and stopped providing public financial information.1 This saddened the preferred holders and they expressed their sadness by bidding down the price of the preferred to under 40 cents on the dollar.

Also by complaining to the company, and the SEC, and the Journal, and anyone else who will listen. Also by doing this:

One of the preferred shareholders is responding by creating 300 separate trusts to hold his preferred shares. He argues that should qualify the company for reporting.

Should it? I don’t know but I love it. You gotta fight silly formalism with silly formalism. Read more »