The Real Deal New York

Bank of America posts $1B third quarter loss, sells luxe Time Warner Center apartment

October 16, 2009 03:13PM

It appears that Bank of America is taking its substantial third-quarter losses to heart. Yesterday, before the bank revealed its quarterly earnings — a $1 billion loss before accounting for dividends to preferred shareholders — the bank announced that CEO Ken Lewis, who will step down at the year’s close, would forego his 2009 paycheck. Today, the New York Observer revealed that the bank has also sold its luxe corporate apartment at the Time Warner Center for $7.2 million. The company bought the 57th floor condo for $6.35 million in 2006, and it was there that the infamous Bank of America-Merrill Lynch merger was reportedly first discussed. City records show the buyer as Tata Real Property, though it was not clear whether the apartment had ever been listed on the market. [NYO] and [NYT]


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