Look at the bright side, at least they got multiple offers

NYC Comp Killer

151 East 58th St Unit 34C, One Beacon Court
(aka the Dreier Residence, aka Bloomberg Tower)
Purchased: 2007
Purchase Price: $10.4 Million

Sold: 7/21/2009
Sale Price: $8.2 Million
21% below 2007 purchase price!
(Not to mention numerous remodels, new kitchen, home automation, etc)

There were over 40 bidders and the best they could do was 21% under the purchase price?

This sets one hell of a comp.

From Bloomberg:

Marc Dreier’s Manhattan Condo Sold at Auction for $8.2 Million

Con man Marc Dreier’s luxury Manhattan condominium sold today for $8.2 million, 21 percent less than what he paid two years ago, in an auction that attracted more than 40 bidders.

The buyer at the auction at U.S. Bankruptcy Court in Manhattan declined to identify himself. A broker who attended and who declined to be identified said the purchaser was Ajit Jain, head of Berkshire Hathaway Inc.’s reinsurance unit. Jain didn’t return a call for comment.

The buyer of the 3,000-square-foot apartment at One Beacon Court got the apartment at a discount to the most recent comparable sale there. The last recorded sale at Beacon Court was a 3,058 square-foot unit on the 49th floor. It sold in May for $12 million, city records show. Proceeds from the transaction will be used to pay creditors in Dreier’s bankruptcy case and victims of Dreier’s fraud, said Salvatore LaMonica, trustee in the Chapter 7 bankruptcy case.

From Curbed:

Marc Dreier’s One Beacon Pad Auctioned for $8.2 Million

When it was all said and done, fresh penitentiary inmate Marc Dreier’s One Beacon Court condo (and pretty much everything in it) was scooped up at auction by an anonymous bidder for $8.2 million. Dreier reportedly paid $10.4 million for the 3,000-square-foot apartment in 2007

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26 Responses to Look at the bright side, at least they got multiple offers

  1. grim says:

    From the Star Ledger:

    N.J. warehouse rents falling, real estate group says

    It’s getting cheaper for companies to store goods in New Jersey.

    Asking prices on industrial space in New Jersey is falling, according to a survey from commercial property company CB Richard Ellis. Average rates in New Jersey fell 14 cents to $5.76 per square foot this quarter from last quarter, the group said.

    Supply is up. Availability – property on the market, not necessarily currently vacant – has risen to 11.3 percent across the state from 10.3 percent last quarter.

    Industrial space includes warehouses, shipping, manufacturing, development space, and anything that doesn’t fall under office or retail space.

  2. grim says:

    It’s like magic! One minute these securities aren’t eligible under the alphabet soup, but now they are!

    Imagine that, just a little tweak to the black box and the problem is gone. These prime, grade triple-A, securities can now be dumped onto the sucker taxpayers sold to the Federal Reserve!

    And we’re supposed to trust these guys?

    Wonder who owed who a favor.

    Oh bother.

    From Bloomberg:

    S&P Restores Top-Ratings to Commercial-Mortgage Bonds

    Standard & Poor’s backtracked on ratings cuts issued last week and raised the ranking on commercial mortgage-backed debt from three bonds sold in 2007.

    The securities, restored to top-ranked status, had been downgraded as recently as last week, making them ineligible for the Federal Reserve’s Term Asset-Backed Securities Loan Facility to jumpstart lending.

    S&P lowered the ratings on a class of a commercial mortgage-backed bond offering from AAA to BBB-, the lowest investment-grade ranking, on July 14. The New York-based rating company reversed the cut today, S&P said in a statement. In a related report, S&P said it adjusted assumptions on the timing of projected losses on the mortgages.

    “It is a stunning reversal and certainly raises questions concerning the robustness of their revised model,” said Christopher Sullivan, chief investment officer at United Nations Federal Credit Union in New York. “It may engender further uncertainty with respect to ratings outlooks.”

    Debt rated below AAA isn’t eligible for the Federal Reserve’s TALF. Investors sought $668.9 million in loans from the Fed to purchase so-called legacy commercial mortgage-backed bonds on July 16, the first monthly deadline to finance the purchase of the securities.

  3. borat obama says:


  4. grim says:

    In keeping with the Humor tag, I wonder if he can bake…

    From the WSJ:

    Mortgage, Taxes Push Stephen Baldwin Into Bankruptcy

    Stephen Baldwin and wife Kennya have filed for Chapter 11 protection, proof that even star status and a tattoo of Hannah Montana’s initials on your left shoulder are no shield against the ravages of a wrecked economy.

    Early papers filed in the U.S. Bankruptcy Court in New York show no sign Baldwin will be using the “I’m a Celebrity, Get Me Out of Here” argument to untangle his affairs. The reality TV show features famous humans living in tough conditions – which could be Baldwin’s reality soon, if court papers are any indication.

    His bankruptcy petition says his Upper Grandview, N.Y., home is worth $1.1 million, but he owes $1.19 million on two mortgages. Big income tax troubles are also evident from the court filing, with $749,974 owed to the IRS on taxes as far back as 1999 and a $139,288 debt for unpaid withholding taxes, as well as $194,527 in unpaid state income taxes.

    The youngest of the acting Baldwin brothers also has more than $70,000 in credit card debt to shake, according to court documents.

  5. kettle1 says:




    Warning, have the whiskey handy

  6. reinvestor101 says:

    5.kettle1 says:
    July 21, 2009 at 9:17 pm



    Warning, have the whiskey handy

    You just made me waste a bunch of damn time watching those damn yahoos. What the hell did you post that for in the first damn place? It’s not enough for you to try to depress everyone with your regular posting material, now you want to destroy what little faith anyone has in the left coast by posting crazy stuff like this.

  7. bi says:

    now here comes bergabe you have been mocking at:

    Bernanke Gets Top Marks as Investors Say Economy Is Past Worst


  8. Pol Clot says:

    vodka (5)-

    Whiskey? I need a damn revolver.

  9. Pol Clot says:

    bi (7)-

    Wow, what a revelation. Money managers, bankers and other insiders love Bergabe. Who woulda thunk it?

    Bergabe is a puppet, a fraud, a cheat and a liar. He should be tried for treason, then executed.

  10. TomS says:


    Couldn’t make it past the two minute mark, I was afraid I might have to kill myself if I watched the whole thing.

  11. sas says:

    Is grousing about Goldman reaching critical mass?
    Commentary: Questions are reaching the point where something might happen

  12. sas says:

    I’m in a pretty good mood…

    I’d like to be, under the sea
    In an octopus’ garden in the shade

    SAS (singing)

  13. Essex says:

    GS….new poster child for greed. But hey who wouldn’t want what they ‘got’. Just ask Corzine.

  14. Ben says:

    Hell, even Paul Krugman decided to jump on the Goldman Sachs bashing. Gee Paul…where have you been the past 6 months on this? Then I woke up and read his blog. He blogged today for the cap and trade bill that is going to make Goldman billions.

  15. Ben says:

    Hell, even Paul Krugman decided to jump on the Goldman Sachs bashing. Gee Paul…where have you been the past 6 months on this? Then I woke up and read his blog. He blogged today for the cap and trade bill that is going to make Goldman billions. Good job Paul…way to support the establishment you just complained about.

  16. Ben says:

    kettle, I just took a shot of Tequila…I can’t believe that broad tried to insult the East Coast.

  17. Essex says:

    Ben the Pessimistic Man on the board when it comes to Education.

  18. Essex says:


  19. Essex says:

    So my theory is that everything we know is based on greed. Somehow we want and want and want…and some of us have the hubris to believe we can actually get it.

  20. Essex says:

    Not everybody’s gonna win. The trick is to make it work for you.

  21. Ben says:

    I’m wondering why suddenly every person in the world thinks they are an expert on economics and monetary/fiscal policy. I’ve spent hours at the lunch table arguing with people about inflationary policies for over 3 years only to hear them say “I read in the New York Times that we are in the Paradox of Thrift and prices are collapsing”. 5 minutes later, they complain about increasing prices in health care, tuition, electric bills, gasoline, and food….

  22. tdstyles says:

    This is even more of a comp killer when you consider that it also included all of the furnishings and upgrades that were put into the condo. The buyer even got some Hagen Daz ice cream, Zegna shoes size 8 and a bottle of Champagne in the fridge. Looks like the buyer is ready to shoot an episode of Cribs upon move-in.

  23. borat obama says:


  24. This is even more of a comp killer when you consider that it also included all of the furnishings and upgrades that were put into the condo.

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