Category — Carnegie Hill

Perry Capital Managing Director George R. Brokaw just paid the $5.5 million asking price for an enormous 8 room pre-war co-op apartment at 33 East 70th Street, according to New York City public records.

According to Forbes, Brokaw is also a Director at North American Energy Partners, Inc. which makes money by providing “mining, heavy construction, industrial, piling and pipeline services in Western Canada.”

Brokaw was formerly a Managing Director of M&A at Lazard Frères & Co. LLC, where he worked from 1996 through May 2005. Prior to that he was an investment banking associate at Dillon Read & Co. from 1994 to 1996, Brokaw earned his B.A. from Yale, and a J.D. and M.B.A. from the University of Virginia.


The sellers were Bon-Ton department store Executive Chairman of the Board M. Thomas “Tim” Grumbacher and his wife Nancy Grumbacher. They bought a cooperative apartment further uptown at 1133 Fifth Avenue in Carnegie Hill. The Grumbachers’ new building was designed by acclaimed New York architect Emory Roth in a neo-Federal style, and built in 1927-28.

Grumbacher’s family started the Bon Ton empire in 1898 when Tim’s father Max Grumbacher and his father, Samuel opened a a one-room millinery and dry goods store in Pennsylvania.

Sotheby’s real estate broker and SVP Louise Beit had the exclusive for this listing.

Located between Fifth and Madison Avenues, with fabulous views overlooking Madison, Beit pitched the apartment as:

One of the finest prewar coops steps from Central Park. Wonderfully gracious and light apartment with oversized rooms, large windows, 10′ ceilings, wood-burning fireplace, and herringbone floors.

Elegant entrance gallery, grand-scaled living room, and formal dining room complete the entertaining space.

3 oversized bedrooms or library and 2 bedrooms, spacious kitchen with breakfast area ideal for family gatherings, 2 maids’ rooms, and bath.

All that space for one buyer? Jeez!

Brokaw’s neighbors include financial maven and philanthropist Evan Behrens of the now defunct Behrens Rubinoff Capital Partners, and his wife Dara Behrens. According to New York City public records, they paid $6.25 million for their co-op apartment in April 2007.

Another neighbor in the money business is Alan Mnuchin. He paid $7,250,000 for his upstairs apartment in September 2006, according to public records. Mnuchin is the banker who walked away from his position at Lehman Brothers to set up his own shop to do a brilliant deal. He helped NBC buy Vivendi Universal. He earned NBC’s loyalty many times over when his client closed the deal to buy the entertainment giant for $14 billion.

Other neighbors include Harlan and Debra Peltz who also bought an 8-room apartment in the building that listed for $4.87 million in 2006. Harlan is a Co-Founder and Partner at Peltz Capital Management.

Photo credits: North American Energy Partners, The Bon-Ton Stores, Inc.

The Upper East Side co-op at 40 East 88th Street owned by renowned bookseller Madeline B. Stern was sold by her estate this week. Stern passed away last year at the age of 95.


Alice Zimet, who maintains that she “pioneered sponsorship marketing in the United States,” bought the apartment for $2.6 million, according to New York City public records.

Although this blog isn’t sure whether she was the broker for this deal, Corcoran real estate agent and Senior Vice President Jackie Vincent recently had a listing for a 7-room, 2400 sq. ft. apartment in the building priced at $2,395,000.

If this actually was Vincent’s exclusive, it suggests that there must have been a serious bidding war to push the co-op’s final sale price up $205,000, particularly in this market.

The 15-story Art Deco style building was erected in 1930. Today, it is prime real estate in the heart of Madison Avenue’s tony shopping district, New York City’s ‘Museum Mile,’ close to Manhattan’s elite private schools, and steps from Central Park.

Shareholders in this co-op expect a high-level of service for living here, and their maintenance reflects it. The staff includes full-time doormen, a hallman, porter, service-elevator attendant, and live-in building superintendent.

The co-op is located in the Carnegie Hill historic district on the southeast corner of Madison Avenue and 88th Street. Carnegie Hill ranges North from East 86th Street to East 98th Street, and East from Fifth to Lexington Avenues. The area got is name from Andrew Carnegie, the rags-to-riches Scottish immigrant who made his fortune in the steel industry during the golden age of industrialism and the continued growth of American railroads. In 1901, Carnegie built a mansion at Fifth Avenue and 91st Street. Today it is home to the Smithsonian Institute’sCooper-Hewitt, National Design Museum.