Category — Co-op Lofts
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.
![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
December 23, 2009 No Comments
1800 sq.ft. Tribeca Loft at 45 Lispenard Sells for $1.98 Million
A co-op loft at 45 Lispenard Street in Tribeca just sold for $1,998,500, slightly more than $100,000 below the $2.1 million list price.
The 2 bedroom 2½ bathroom downtown loft has 1800 sq.ft., and monthly maintenance charges of $1,650.
The buyers are Jean Jacques Cesbron and his wife Rosaria Di Maggio-Cesbron. Jean Jacques is well known as President of Columbia Artists Music, the classical music talent agency of Columbia Artists.
Cesbron’s clients include The American Ballet Theatre, The National Philharmonic of Russia, Ballet Folklórico de México, pianist Lang Lang, conductors Markus Huber and John Mauceri, and violist David Aaron Carpenter.
The sellers were Eugene Park and Jeehyun Kim.
Stribling brokers Sean Turner and Michelle Della Peruta had the exclusive for this listing.
May 23, 2008 No Comments
81 Wooster Street Soho Loft Co-op Sells for $4.75M
Sue Hostetler (inset) and Jon Diamond just sold their amazing Soho loft co-op at 81 Wooster Street for the $4.75 million asking price, according to public records. They paid $3.75 million for the co-op in 2006, making a nice gain on their investment.
Hostetler is an accomplished author, editor, and television personality. Having written Hip Hollywood Homes, she knows more than a little about real estate, style, and fashion.
Diamond is a serial music business entrepreneur and current chairman of digital media entertainment company ARTISTdirect.com where he focuses on the company’s strategic initiatives.
The buyers are Virginia Lebermann and John Wotowicz (inset) who are moving from Texas to Manhattan.
Jill Roosevelt of Brown Harris Stevens had the exclusive for this spectacular loft.
It has 3,000 square feet (see below) with wonderful views overlooking cobblestone streets in Soho’s historic cast iron district. The loft has 6 rooms, including 2 bedrooms, a sprawling living area, an office and a library, and an amazing kitchen and dining area. Hostetler described the 4-month transformation of her family’s loft by interior designer Valerie Pasquiou in Metropolitan Home.
The immaculate renovation was also featured in Gotham, In Style, and Quest Magazines.
Monthly maintenance for this pet-friendly loft was listed as incredibly low — just $1,829.
Roosevelt described the loft as having “grand proportions” and “a library with exquisite Jojoba wood built-ins, maple floors, central air, in-wall, state-of the art stereo and security system, and custom-made over-size steel and glass doors.” In addition to having a washer and dyer in a laundry room, the loft has amazing closet and storage space.
May 16, 2008 No Comments
