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Nye Lavalle
Bear’s Chairman Buys $26 Million Condo
MARCH 12, 2008, 9:22 AM
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TOPICSInvestment Banking INDUSTRIESFinancial Services, Real Estate

Bear Stearns’s stock may be hitting new 52-week lows, but the firm’s chairman just put the finishing touches on a high-flying real-estate deal.

The chairman, James E. Cayne, paid $25.8 million for a 14th-floor apartment in The Plaza, the storied New York hotel recent converted into high-end condominiums, city records show. Last month, Mr. Cayne closed on a much more modestly priced apartment on the same floor of the Plaza, for which he paid $2.4 million. Together, the units cost Mr. Cayne and his wife, Patricia, more than $28 million, according to city records.

The New York Post reports that Mr. Cayne’s new pad spans more than 6,000 square feet and comes with Central Park views.

Mr. Cayne will also have some well-heeled neighbors. They include Harry Macklowe, the real-estate mogul who paid nearly $60 million for virtually all of the Plaza’s seventh floor.

Mr. Cayne recently stepped down as Bear’s chief executive after the investment bank reported the deepest losses in its history. Bear was hit hard by the mortgage debacle, in which many Wall Street firms found themselves holding mortgage-backed securities whose market value has plunged.

Mortgages apparently weren’t a problem for Mr. Cayne: According to city records, he didn’t use one for his Plaza apartment.
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4 justice now
Harry & James... Now there's a wonderful pair of real humanitarians, true winners through and though. And just to prove it,  I think they should leap from the fourteenth floor and sail all the way down to the first floor. The winner wouldn't be the first, just the one who makes the biggest impression. BTW: I don't know how anyone could even begin to tell them apart, as they're all pretty much made out of the same sort of _ _ _ _!
Fill it in and have fun!


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