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Warren Spector Will Not Cut The Price Of His Post-Bear Stearns Project

Unlike Bear, a Greenwich Village townhouse is actually worth something.
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(Brown Harris Stevens)

(Brown Harris Stevens)

Since getting fired by Jimmy Cayne just before Bear Stearns went belly-up, former Bear co-president and heir apparent Warren Spector has done a few things. Like everyone else in his position, he got into private equity. He started a film production company. He did some charity work. He put on his short-shorts, grabbed his poodle and did some canvassing for Barack Obama on the beach in Florida.

But mostly, he and his late wife spent the last decade buying and spectacularly renovating a double-wide townhouse in Greenwich Village. Proving that the collapse and sale for pennies of his former employer really hadn’t affected him that much, Spector put in a double-height library, a rear garden, a music room, home theater and rooftop greenhouse, everything a little Lord Fauntleroy could want. But he’s ready to move on. In fact, he’s been ready to move on since last year, when he listed the place for $59.5 million. Alas, no one bit, and he pulled the West 10th Street manor from the market in July.

But it’s back, at the low, low discounted price of… $59.5 million. This is, to put it mildly, a fairly ballsy move in the current environment. And it’s not like desperately and patheticallyslashing the price always works. Plus, as we mentioned, Spector doesn’t really need the money. In fact, if someone had taken it off his hands at the last opportunity, he planned to donate the proceeds to charity, because he could. No word on whether the philanthropic impulse drive the current listing, as well.

Former Bear Stearns exec relists palatial Greenwich Village townhouse for $59.5M [Curbed]
New York’s Wealthiest Cut Losses as Manhattan Real Estate Falters [WSJ]


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