Tuesday, September 18, 2007

UPDATE: Vera Wang

Looks like uber broker Deborah Grubman (step-mommy to PR maven Lizzie Grubman), didn't have to work very hard to sell Vera Wang's $35,000,000 Park Avenue apartment. The website for Corcoran, the brokerage to which the elder Miz Grubman is associated, shows the 14 room apartment as being in contract.

This is no small feat children, because 778 Park Avenue, the super swanky Rosario Candela designed building in which the sprawling full floor unit is located, requires buyers purchase the apartment with cash. That's all cash kids, no mortgages allowed.

Although we have zero inside knowledge of who the buyer might be, Your Mama presumes that the apartment is being purchased by a hedgie who's looking to park a wad of easy-earned cash for safe keeping in the event that the bottom falls out of the hedge fund market.

Can everyone see Miz Grubman doing the money dance as she calculates her massive commission?

Sources: City Realty (photo)

21 comments:

so_chic_darling said...

Sometimes too much is just too much,all that formality and uptown attitude.Oh no thanks!I'll take 92 Jane street please!

Anonymous said...

The Haves and the Have Nots! What a world!

Anonymous said...

sometimes there's more attitude downtown!

Little Miss Sunshine said...

$35 million.

In cash.

As much as I would love to have $35 million in cash--and for record, I never will--I wouldn't be spending it on an apartment.

Don't get me wrong. I love NYC. And the apartment is, no doubt, fabulous, but there are so many other ways I would rather invest that money. So I would never have to work again.

Wow.

pch said...

The co-op board probably requires prospective buyers to demonstrate a net worth that's some multiple of the sale price -- so you'd probably need something like $120 million or $150 million in assets even to blink at this place.

pch said...

Just read the original post and it seems this ground has already been covered...apologies for the redundancy.

Anonymous said...

Isn't it usually something like 20 times the purchase price for the most prestigious U.E.S co-ops?

So you're talking approx $700M LIQUID ASSETS for board approval - right?

Anonymous said...

Well, I think if you have $35mil in cash, why not spend it on an NYC apartment.

lucy said...

It's simply a matter of perspective. If you have $10 million in assets, than you might think it is reasonable to spend $2-3 million on a house.

If you have $200 million, $35 million doesn't seem so terribly unreasonable.

Until you have reached that level of financial security, it's hard to wrap your mind around the numbers, much less the attitude that goes with them.

Although, I'm fairly certain it wouldn't take me long to adjust...

Anonymous said...

didn't someone once they rich are different than you or me?......

so_chic_darling said...

35 mil. is nothing to the type of people who buy this kind of apt. for one thing this is probably not their primary residence,that would be in a state or tax haven with no income tax.Also they most likely have 10 other homes around the word.It's easy to write a check for 35 mil. when you may have a billion or more just liquid!

so_chic_darling said...

That's so true about the attitude being on high downtown! In so many ways the whole of Manhattan is turning into a kind of gated estate for the rich.

Anonymous said...

I think it's the same in all major cities ... Even my building staff have major attitude & it's me that freeking pays their wages!

Popcasa said...

You're right, that must be one hell of a "money dance" the agent is doing. I'll assume the buyer won't need a FHA loan....or any loan for that matter.

Anonymous said...

How long did Wang own this place? I didn't realize she had that kind of money. I guess she does now.

pt said...

Vera's family has always had money.....stolen money, but yes, money.

Bentley said...

I grew up in the apartment above hers. 778 is vast, boring but exceptionally beautiful. Candela was a master.
However, 778 Park is not nearly as vast and boring as where the Wang's are headed.
Central Park West, thank you very much. I much prefer to gaze across the park at the Upper East side than to actually live on the Upper East side.

Anonymous said...

She's moving to 740 Park where she grew up - Really not that much different from 778 Park. All uptown is boring as hell.

Anonymous said...

Anonymous at 5:09 p.m., maybe they have attitude because they get paid so little.

"My building staff"......tsk, tsk.

Aunt Mary said...

How rich must Miss Vera be? Why does she have to hawk her rags at the discount chain Kohl's? I don't know if Vera's style will translate that far down the food chain. People who shop at Kohl's want something for their money. A long drapey thing with one seam cut on the bias will look like a rip off to the Kohl's customer. Maybe Miss Vera needs the 35 mil. Maybe there's a bear market in haute couture. Also if anyone has seen the tv ads for Miss Vera's debut at Kohl's, you will have seen Miss Vera's new face. Very nice and tight.

Anonymous said...

why would she buy a home that would have been inherited by her? Unless her family had sold it prior to their deaths...