Aragon CEO Alex Getelman and 601 Lexington Avenue

Another construction contractor has been charged with stealing millions from high-profile Manhattan office clients. The New York Times reported Aragon CEO Alex Getelman was hit with grand larceny charges by Manhattan District Attorney Cyrus Vance Jr. for overcharging hedge fund Citadel Investment Group by $1.2 million to build out its office space at 601 Lexington Avenue.

Getelman also allegedly failed to declare the extra income and pay the $286,000 tax bill associated with it. Getelman, who had said his firm specializes in hedge fund office build outs, pled not guilty. [more]

From left: Lily Safra, Ken Griffin and 820 Fifth Avenue (Building photo source: PropertyShark)

In a high-end game of musical chairs, socialite and philanthropist Lily Safra sold one cooperative apartment at 820 Fifth Avenue at 63rd Street for $40 million to a hedge fund manager and on the same day bought another in the same building for $33 million from home building CEO Ara Hovnanian.

Safra closed on the sale of the 12th-floor unit to Kenneth Griffin as well as the purchase of the fourth-floor unit from Hovnanian, CEO of Hovnanian Enterprises on Dec. 16, city property records show. Residential real estate Web site Coopsales.com first reported the $40 million Safra sale today. Reports from October said Griffin, founder of the $13 billion hedge fund Citadel Investment Group, was going to buy Hovnanian’s fourth-floor unit, but instead he bought Safra’s, city records show. Safra is the widow of Edmond Safra, a billionaire banker.

Hovnanian Enterprises is in a difficult financial period, reporting this month its 13th consecutive quarterly loss.

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Serena Boardman (Photo credit: Patrick McMullan)

From the December issue: It’s 2005, and golden-haired socialite
Serena Boardman is sunning herself on a yacht near the coast of
Sardinia in Italy. Nearby, her friend Dori Cooperman — now best known
for befriending actress Lindsay Lohan in rehab — is on the phone with
a reporter from W Magazine, chronicling the addictive qualities of
photo Web site PatrickMcMullan.com. Boardman interjects with her
opinion of the site, which documents the social lives of New York
City’s glitterati. “Tell him it captures a moment,” she shouts. Until
recently, the scene was typical for the 39-year-old Boardman, the
jet-setting heiress to a banking fortune whose stepmother is a European
princess. Along with society pals like Alexandra von Fürstenberg and Blaine Trump, Boardman spent her 20s being photographed in couture gowns at galas and benefits all over New York and Palm Beach, often with her equally glamorous sister, Samantha. Magazines chronicled her taste in clothes (Roberto Cavalli ruffled cocktail dresses) and jewelry (Verdura). She held jobs at the Web site Luxuryfinder.com and in the jewelry department at Sotheby’s. But to the media they were a postscript to Boardman’s glamorous social life. So it comes as a surprise to those who know Boardman that only a few years later, she’s morphed into one of the most successful real estate brokers in the business. [more]

Related Companies President Jeff Blau may not have met the standards of the co-op board at 820 Fifth Avenue, but apparently Kenneth Griffin, CEO of Citadel Investment Group, does. Griffin, who has an estimated worth of $3.7 billion and whom Forbes named the 97th richest American, paid just below the fourth-floor unit’s $35 million asking price, the New York Post’s Jennifer Gould Keil reported. The Upper East Side home, once owned by Tommy Hilfiger, is currently owned by home builder Ara Hovnanian.