The Real Deal New York

AllianceBernstein CEO pays $37M for pad at 720 Park Avenue

December 29, 2008 11:37AM
By Adam Pincus

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Investment advisor Carl Spielvogel and his wife Barbaralee Diamonstein-Spielvogel sold their cooperative apartment at 720 Park Avenue, at the corner of 70th Street, for $36.63 million, nearly twice what they paid for it two years ago.

The sale of the seventh-floor unit closed December 18, according to property records posted Friday.

The buyer was identified as Jill Kraus, wife of Peter Kraus, a former executive vice president at Merrill Lynch who reportedly received a $25 million bonus after working at the firm for three months this year. However, only her name was listed on the property report. He was hired as chairman and CEO of AllianceBernstein on December 19. A Merrill Lynch spokeswoman would not comment on his pay package.

The sellers, who are top Democratic
fundraisers, bought the apartment in June 2006 for $20 million,
property records show. Earlier reports of the sale estimated the price
tag at $37 million.

Just before buying the 7th-floor unit, the Spielvogels sold their 17th-floor apartment in the building for $18.7 million, in May 2006, records showed.

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