While price cutting has become the norm for many need-to-sell condominium units as of late, one Upper East Side condo board refuses to relent. After Ponzi-schemer Edward Stein reportedly paid for a portion of his $1.6 million 170 East End Avenue apartment with illicitly earned funds, a court-appointed receiver put it on the market. But when a buyer put in a $1.3 million bid on the unit and the court gave its blessing to the offer, the building’s condo board was none too pleased. Rather than see one of its building’s apartments sold at under $1,000 per square foot, the condo board bought up the spot for the same price. Of course, it doesn’t hurt that the condo board’s president also happened to be the developer of the building. Orin Wilf, president of Skyline Properties, also purchased the Stein residence’s furnishings, according to Curbed, and has relisted the spot for $2.45 million.

15 West 53rd Street, Dan Wise (Building photo source: PropertyShark)

Following its successful sale of Marc Dreier’s One Beacon Court condo, auction group David R. Maltz & Co. is handling the sale of Scottsdale accountant-turned-swindler Dan Wise’s Midtown home in the Museum Tower at 15 West 53rd Street. Arrested in April this year, Wise is accused of orchestrating a $67 million Ponzi scheme. Wise purchased unit 18F in the building — which overlooks the MoMA sculpture garden — for $1.45 million in 2006, using money that he allegedly received from his many duped investors. The auction is scheduled for Oct. 22. [more]

Ruth Madoff — wife of Ponzi schemer Bernard Madoff, who is expected to
be sentenced today — can’t find a new apartment to move into,
according to the Post. Madoff agreed to sell her $7.5 million duplex
co-op on East 64th Street last week as part of a surrender of $80
million in cash and property, but won’t allow brokers inside the duplex
to make their own appraisal of its value, sources said. Madoff is
reportedly looking to rent a new home, but finding that landlords won’t
take her as a tenant. The Post says she has tried using her maiden
name, Alpern, instead of Madoff, but hasn’t had luck with that either. [more]

12 East 78th Street (left) and 518 West 134th Street

The most expensive homes to hit the market this week are a condo unit
and a townhouse both listed for $12 million, according to
Streeteasy.com. The five-story townhouse at 12 East 78th Street, which
belongs to Marisa Noel Brown and Matthew Brown, who lost money in
Bernard Madoff’s Ponzi scheme, is listed with Stribling &
Associates and Sotheby’s International Realty. The $12 million condo is
a three-bedroom, two-bath penthouse at 285 Lafayette Street, listed with
Brown Harris Stevens. The least expensive home listed this week is a two-bedroom, one-bath co-op at 518 West 134th
Street. The home is on the market for $237,500 with Realty Networking
services. TRD
[more]

The federal government has seized the Southampton beach house of
alleged scam artist James Nicholson. Nicholson was recently indicted
for an alleged $150 million Ponzi scheme. He closed on the Hamptons
home for $27 million in January. The oceanfront, 10,000-square-foot
mansion has nine bedrooms, seven and a half baths, a solarium, tennis
court, pool and several fireplaces. The accused scammer also owns an
$8.5 million condo in the Time Warner Center, a $5.75 million house in
Saddle River, N.J.,  a $4.75 million penthouse in Palm Beach and a
$377,500 condo in Montvale, N.J. All of his properties are now worth
less than $40 million combined, but the court receiver said with
mortgages, back taxes, late fees and broker fees factored in, the homes
would only net $13.8 million. Comments

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