The wages of Wall Street’s ills are for sale

First came a report in the New York Post that James Nicholson’s oceanfront mansion, built in 1994, is now on the market.  Now, a former Wall Street chief executive is trying to unload his 6,200-square-foot Park Avenue apartment for a reported $32 million.

Nicholson, a hedge-fund boss who was recently indicted on charges related to an alleged $150 million Ponzi scheme, closed on the Hamptons home for $27 million in January.  He had originally signed a contract to buy the mansion from John and Lauren Veronis for $33 million but renegotiated at the closing table.  Soon after, he put it back on the market for $33 million, though the property has since been appraised for just $25.5 million.

The traditional three-story, 10,000-square-foot home has nine bedrooms and 7½ baths.  It also enjoys 222 feet of oceanfront plus pond views.  The house includes a double-height great room, a formal dining room, a solarium and a third-floor master suite, all with fireplaces.  There’s also a 55-foot gunite pool, Har-Tru tennis court, three-car garage and one-bedroom staff apartment.

It probably somewhat nicer than the jail cell that Nicholson, unable to raise $10 million for his release, has been calling home of late.  He’s also soon to be without not only his mansion but his wife Donna, who filed for divorce last March.

Then, the other day, comes a report from the Observer about another former Wall Street tycoon.

Terminated CEO Fuld and 630 Park Avenue, where he is oh-so-quietly trying to sell the apartment he bought in 2007.

Terminated CEO Fuld and 630 Park Avenue, where he is trying to sell the apartment he bought in 2007. (Photos from the Observer.)

That would be former Lehman Brothers CEO Dick Fuld, who purchased with his wife Kathleen a $21 million full-floor, 16-room, five-fireplace, four-bedroom co-op at 640 Park Avenue in 2007.

Lehman had just announced it would be giving Fuld $186 million in stock over the next decade beofre the couple bought the place.  Unnamed “sources” are quoted by the Observer as saying the place is now quietly on the market, not even publicly listed, for around $32 million.

When the Fulds bought the property from the estate of a 93-year-old philanthropist, renovation costs were estimated at $10, so the $32 million price tag presumably includes that work.  “It’s got great bones, but it needs tons of work,” a broker told the Observer at the time.  Today, would that description fit Fuld?

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

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