$30M penthouse buyer tied to FDIC scam

TRD New York /
Mar.March 05, 2009 01:20 PM

The purchaser of a $30 million duplex penthouse at 145 Hudson Street in Tribeca pleaded guilty in 1997 to defrauding the Federal Deposit Insurance Corporation and the Resolution Trust Company of $1.4 million.

The buyer, William Duker, was sentenced in 1997 to 33 months in prison and fined $7,500 for overbilling the FDIC and the Resolution Trust Company. He also paid $2.58 million covering criminal restitution and civil damages.

Duker, now a private investor living in upstate New York, said he purchased the Hudson Street penthouse as an investment and not as a personal residence. He said the four-bedroom apartment, which was at least $4.5 million cheaper than its price disclosed last fall, was a good value.

“I think its uniqueness sets it apart from what is happening in the market,” he said.

Duker bought the 7,500-square-foot unit at the Skyloft Penthouse from the developer, Stanley Scott’s 145 Hudson Street Associates. He went into contract August 2008 and closed February 11, according to city records published today.

The 14-story, 1929 commercial building at the corner of Hudson and Hubert streets, was newly converted into high-end condominiums.

The city Landmarks Preservation Commission ordered the penthouse demolished after finding it was constructed too tall. The penthouse was substantially rebuilt by December 2007.

Duker’s Manhattan law firm Duker & Barrett was contracted by the FDIC and the RTC in 1990 to conduct legal work related to the 1980s savings and loan crisis, and for 26 months ending in 1993 he overbilled the agencies by $1.4 million, the government said.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Donald Trump and Dean & Deluca's Soho location (Credit: Getty Images, iStock)

Trump Organization sues Dean & DeLuca over rent defaults

Lead was found at four properties in Manhattan, three of which have since resolved the violations. (Credit: Getty Images)

City doing surprise lead inspections on older buildings

Five real estate trade associations are providing financial backing to a constitutional lawsuit looking to upend New York’s rent law (Credit: iStock)

National groups fund NY landlords’ suit against rent law

29-28 41st Street, and from left: Arik Lifshitz Amit Doshi, Adan Elias Kornfeld, Jonathan Shainberg and David Schechtman (Credit: Google Maps)

Long Island City building fetches $47M in wake of rent law

Softbank CEO Masayoshi Son (Credit: Getty Images)

The people left behind by SoftBank’s startups

arrow_forward_ios