Madoff’s brother lists Park Avenue pad

TRD New York /
Jul.July 19, 2012 08:30 AM

This time, it’s a Madoff taking a loss on an investment. Peter Madoff, the younger brother of Ponzi schemer Bernie, put his Park Avenue co-op on the market yesterday for $4 million just months before he heads to prison on a 10-year sentence, the Wall Street Journal reported.

Madoff purchased the 2,300-square-foot unit at 975 Park Avenue for $4.1 million in 2004 and then spent nearly $1 million on renovations, converting it to a two-bedroom apartment from a three-bedroom one. Of course, no money from the sale will go to Peter or his wife, Marion. Instead it will be handed over to the U.S. Marshals Service as part of an agreement Madoff signed when he pled guilty to fraud.

Prudential Douglas Elliman’s Toni Haber is listing the apartment, which Madoff purchased from Adam Hochfelder, a real estate investor who also pled guilt to fraud charges. Madoff is required to sell that co-op, along with the Long Island home he put on the market last year, by January. The price on that home was dropped to $5.3 million from $6.5 million. [WSJ] —Adam Fusfeld 


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Amenity insanity in LA luxe condo market

Amenity insanity in LA luxe condo market

Luis D. Ortiz and Ronita Kalra (Credit: Wikipedia, iStock)

Luis D. Ortiz splits with business partner Ronita Kalra

Howard M. Lorber of Vector Group

Vector slashes dividends as Elliman’s net income drops over 80%

Howard Lorber and a rendering of the Bristol

Howard Lorber picks up unit at the Bristol in West Palm Beach

Howard Lorber in Concert

WATCH: Howard Lorber in concert(!)

arrow_forward_ios