640 Park Avenue Co-op of Disgraced Lehman Brothers CEO Richard Fuld
Lehman Brothers CEO Richard Fuld’s 16-room New York City co-op apartment at 640 Park Avenue is the kind of asset that securities class-action lawyers salivate over.
Although the legendary investment bank filed for bankruptcy protection under Chapter 11 in September, that didn’t prompt Fuld and his wife Kathy to sell their 6,200 square foot full-floor cooperative apartment on the northwest corner of East Sixty-Sixth Street and Park Avenue.
When the couple bought this gigantic “fixer upper” in March 2007 for $21 million from the estate of publishing heiress Evelyn Annenberg Jaffe Hall, an anonymous real estate broker told the New York Post that the apartment needed about $10 million worth of renovations.
The apartment has a 40-foot living room with a wood-burning fireplace and a generous dining room, both of which overlook Park Avenue. The library and master bedroom also have fireplaces. There is also a 14′ x 25′ gallery in the middle of the apartment. You can see the that there are at least four (4) rooms for staff. At this price, you also get to use a washer and dryer in the co-op. The cooperative was built in 1914 and is pet-friendly.
Fuld must be a tough negotiator; he knocked down the original $23.75 million price by $2.75 million. The original list price was more than $27 million.
The Fulds also have a luxury estate in Greenwich, Connecticut. Kathy Fuld must be feeling the effects of Lehman’s bankruptcy pretty hard if it prompted her to sell some $20 million of the couple’s artwork through Christies auction house.