Brooklyn Judge and Art Educator Pay $1.4M For Excelsior Co-op, $500K Less Than Sellers’ 2006 Purchase
New York Judge Abraham Gerges and art educator Laurel Danowitz Gerges bought a 2800 square foot 4-bedroom, 4 bath co-op apartment for $1.4 million at the Excelsior on 303 East 57th Street on Manhattan’s Upper East Side, according to New York City public records.
The apartment was sold by Coldwell Banker Hunt Kennedy broker Elayne Reimer and her husband Leon M. Reimer, a CPA.
This was a very unusual transaction since, according to N.Y.C. public records, the Reimers sold the co-op for $500,000 less than the $1,900,000 they paid for it in May 2006.
Did this experience Manhattan broker and her accountant husband overpay, or did were they able to work some legal accounting magic into the transaction? That’s the question that many real estate and accounting professionals may be asking themselves when looking at the deal.
Elayne Reimer’s real estate slogan is “Make Them Happy and Never Give Up!” Having lived in the building for so many years, she has extensive contacts in the co-op.
A year and a half ago, the New York Sun quoted Reimer saying that “Once people realize the [housing] bubble talk is a lot of nonsense, they come back and buy.”
Did that apply to Reimer’s sale?
In an interesting twist, Leon Reimer’s CPA expertise includes advising individual clients and law firms by “provid[ing] litigation support, forensic accounting and investigative accounting services to many law firms; supervise high level technical tax research and planning projects for businesses and high net worth individuals,” and more.
2 comments
To Whom It May Concern:
Re: Elayne S. Reimer
Leon M. Reimer
Purchase and Sale of Co-op units at 303 East 57th Street- Excelsior
New York, New York 10022
Your article about the purchase and sale of co-op units at the Excelsior by me,Elayne Reimer, and my husband, Leon Reimer, is completely eroneous. This article is extremely harmful to us and has improperly tainted our integrity, character and profession reputations.
The correct facts are as Follows:
During 2006 my husband and I purchased apartment 43 G, approximately 3000 sq.ft, at 303 East 57th Street, for $1,900,000. We made significant improvements to this unit and poresently it is our prime residence. Judge Abraham Gerges and his wife were not involved in this transaction.!
During 2006, my husband and I sold Apartment 36A, approximately 2000 sq ft to Judge Abraham Gerges and his wife for $1,400,000. We had lived in Apartment 36A for numerous years and realized a significant profit on the sale.
WE INSIST THAT YOU IMMEDIATELY PUBLISH A STATEMENT STATING THAT YOUR ARTICLE IS ENTIRELY ERONEOUS AND MAKE A PUBLIC APOLOGY TO ME AND MY HUSBAND!!!
Sincerely,
Elayne Reimer
Re: Elayne S. Reimer
Leon M. Reimer
Purchase and sale of Co-op units at 303 East 57th Street- The Excelsior
To Whom It May Concern:
Your article about the purchase and sale of co-op units at the Excelsior by me; Elayne Reimer, and my husband; Leon Reimer, is completely erroneous. This article is extremely harmful to us and has improperly tainted our integrity,character and professional reputations.
The correct facts are as follows:
During 2006 my husband and I purchased apartment 43 G ,approximately 3000 sq ft, at 303 East 57th Street, for $1,900,000. We made significant improvements to this unit and presently it is our prime residence. Judge Gerges and his wife were not involved in this transaction!
During 2006, my husband and I sold apartment 36A, approximately 2000sq ft, to Judge Abraham Gerges and his wife for $1,400,000. We had lived in Apartment 36A for numerous years and realized a significant profit on the sale.
WE INSIST THAT YOU IMMEDIATELY PUBLISH A STATEMENT STATING THAT YOUR ARTICLE IS ENTIRELY ERRONEOUS AND MAKE A PUBLIC APOLOGY TO ME AND MY HUSBAND!!!!
Sincerely,
Elayne Reimer.
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