Ex-banker finally trades UES co-op for $7.65M

Peter Kraus, the Wall Street financier who made headlines in 2008 when he resigned from Merrill Lynch with a $25 million payout after just three months on the job, has sold his 791 Park Avenue co-op for $7.65 million after two years and over $1 million worth of price cuts, according to the Wall Street Journal. The four-bedroom, 4,250-square-foot apartment originally came on the market for $9.2 million in October 2008, one month after Lehman Brothers filed for bankruptcy and then-Merrill CEO John Thain sold the firm to Bank of America. That was also, incidentally, one month after Kraus began his duties at Merrill. Later that year, Kraus dropped $36.6 million on a swanky pad at 720 Park Avenue, where he currently resides. The listing broker for the 791 Park Avenue unit was Corcoran’s Carrie Chiang. [WSJ]