LeFrak heiress loses 16% on new condo sale
May 29, 2009 06:20PM By Adam Pincus
Denise LeFrak (Source: Cityfile.com)
The daughter of the late Queens real estate tycoon Samuel LeFrak sold an Upper East Side two-bedroom condominium for a loss after owning the apartment for less than half a year.
Real estate heiress and author Denise LeFrak, who paid $2.55 million in December for the 1,576-square-foot apartment on the 11th floor of a new building at 255 East 74th Street, sold it this month for $2.14 million, a reduction of 16 percent.
LeFrak went into contract on the sale to Daniel Brockett, a partner at litigation firm Quinn Emanuel, in April and closed May 14, according to city property records published today.
She bought the sponsor unit in the 30-story tower at the corner of Second Avenue developed by the World-Wide Group.
"I wanted to get a better price but I couldn't," said Brockett, who does not know LeFrak. "The reality is the market has dropped a lot," he added.
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Comments
Anonymous
I guess she needs money !!!!!!
Comment #1 Posted By: Anonymous 05/29/09
Anonymous
Real Deal - come on - your title to the story is misleading - you say that she loses 16% but that's not the case - sure the unit sold for 16% less, but she could have lost her entire investment. If she only put 20% down then after closing costs she lost more than she put in. If she paid all cash, then after closing costs she probably lost 25% to 30%. Why do people forget about leverage when calculating losses?
Comment #2 Posted By: Anonymous 05/30/09
Anonymous
Lord knows how long she had her money tied up before she could bail. I agree with #2. It definitely cost her a bundle at the closing. The market is crap and this article proves it!
Comment #3 Posted By: Anonymous 05/30/09
Anonymous
Mr. Brockett should have waited 6 months when the price would have ben 1.5, good luck.
Comment #4 Posted By: Anonymous 05/30/09
Anonymous
Where are the broker gadflys who seem to be always singing (no matter what the reality) "buy now or be priced out forever!"
Comment #5 Posted By: Anonymous 05/30/09
Anonymous
The weather is nice today, so I imagine there will be a fair amount of foot traffic at open houses. This will give them the audacity to scream that the market has fully recovered and you should buy now or be priced out forever -- over and over like a broken record!
Comment #6 Posted By: Anonymous 05/31/09
Anonymous
Brocket is a great lawyer
Comment #7 Posted By: Anonymous 06/01/09
Anonymous
You know things are bad if a real estate family person is selling at a loss. At least she is realistic.
Comment #8 Posted By: Anonymous 06/01/09
Anonymous
When did the family become French? Lefrak=LeFrak?
Comment #9 Posted By: Anonymous 06/01/09