Sex Therapist Buys 322 East 57th St. Duplex Co-op For $1.3M, Not $3.2M List Price
Dr. C. Christine ‘Tina’ Wheeler, bought a 2 bedroom 2½ bath pre-war duplex co-op apartment at 322 East 57th Street on Manhattan’s Upper East side for $1.3 million.
Wheeler is a sexologist, psychotherapist, marriage and family therapist who specializes in Gender Identity Disorder, a clinically recognized psychological condition where a person diagnosed with GID may be treated by sex reassignment, hormone therapy, and/or reconstructive surgery.
Wheeler is a savvy buyer, snapping up the co-op for a whopping 60% discount from its original October 2008 list price of $3.2 million. Monthly maintenance was listed at $6,147.
The 5-room duplex, loft-like apartment boasts a grand 19′ living room ceiling, a legal washer and dryer on the second-floor of the apartment, and one of the rarest amenities in a Manhattan co-op: central air conditioning. The 20 unit, 21 floor co-op was listed as pet-friendly.
One potential hurdle in selling this apartment may have been it’s proximity to the swanky Mr. Chow Chinese restaurant on the first floor. A November 25, 2009 New York City restaurant inspection report found “[e]vidence of, or live mice in facility’s food and/ or non-food areas.” Another restaurant inspection 18 months earlier also found mouse droppings at Mr. Chow, indicative of a ‘vermin’ problem.
Living in a New York City apartment that is on the floor above a ground floor restaurant is a great way to increase the odds of having cockroaches, mice, or rats find their way into your own unit. Just try asking 100 people whether they would want to take their chances living in a co-op apartment one floor above a restaurant that’s been cited for pest problems. Ninety-nine of them would probably turn away in disgust, while the remaining person who would still be interested in the apartment would likely be a cat owner. Think about it.
The seller was Gerard A. McCallion, a 70ish-year-old apparently former President of investment broker-dealer S.B. Cantor & Co., Inc., and the Vice Chairman of Tecumseh Holding Corp.’s Board of Directors (a company that was buying S.B. Cantor), its chief trading officer, and a Director. In a fall from grace, McCallion entered into a consent judgment with the S.E.C. on March 9, 2009. Without admitting or denying any of the allegations in the S.E.C.’s July 2003 civil complaint, McCallion agreed to:
- A final judgment permanently enjoining him from violating Section 10(b) of the Securities Exchange Act of 1934 (”Exchange Act”);
- A final judgment permanently enjoining him from violating Rule 10b-5 of the Exchange Act
- A final judgment permanently enjoining him from controlling any person who violates Section 17(a) of the Exchange Act and Rules 17-3 and 17a-4;
- A consent judgment also barring him from participating in an offering of penny stock pursuant to Section 21(d)(6) of the Exchange Act; and
- Pay the S.E.C. a civil penalty of $40,000 and disgorgement of $1
Could McCallion’s S.E.C. litigation have forced him to sell the co-op at a fire sale to cover attorneys’ fees from the six (6) years of litigation that the case involved?
What this suggests is that people looking to buy a pricey Manhattan co-op might want to have their brokers help them find apartments being sold by folks accused in securities litigation, or perhaps white collar criminal cases.
A co-op or condo buyer could potentially be able to snap up such an apartment for a very nice price.
Brown Harris Stevens broker Maria Torresy — who lives in the building — had the exclusive listing.
Another neighbor includes the noted designer and socialite Carolyne Roehm, divorced from KKR financier Henry Kravis. For a look inside Roehm’s incredible co-op at 322 East 57th, for which she paid $4.7 million in 2004, take a gander at this interview of Roehm in New York Social Diary.