Onetime financial fraudster lists Chambers Street pad

New York /
May.May 28, 2013 05:30 PM

Ilan Reich’s chameleon-like career has included stints as a rising legal star on Wall Street, a convicted financial fraudster, a prison inmate, a brain tumor survivor, and a CEO in the medical devices industry. Add to the list a wise real estate investor.

Reich has listed his 200 Chambers Street pad for $4.495 million — nearly $1.5 million more than what he paid in 2007, StreetEasy shows.

Ryan Serhant, Nick Jabbour and Peggy Zabakolas of Nest Seekers International have the listing for the three-bedroom, three-bathroom condominium, which is priced at $2,042 per square foot. The home features floor-to-ceiling windows and a master suite with four custom-fit closets, according to the listing. The 186-unit building, where Jabbour also lives, features a sky-lit indoor pool, parking garage, children’s playroom, Courtyard Garden And Rooftop Terrace.

Reich purchased the condo in July 2007 for $3.09 million, city records show.

He is “moving out of the city,” he told The Real Deal, but declined to specify where.

A Former Wall Street up-and-comer, Reich was sentenced to a year and a day in prison for insider trading in January 1987. At the time, he had been a mergers and acquisitions attorney at Wachtell, Lipton, Rosen & Katz. Reich was charged with providing tips on a pending corporate merger to a former investment banker, who also pleaded guilty to charges that he illegally traded on the information through an offshore bank account.

Reich was ultimately readmitted to the bar after his release from prison, previous reports show. The second time around, he started out working for New York law firm Olshan Grundman Frome Rosenzweig & Wolosky as a corporate attorney.

Reich became co-CEO of the firm in 2000, but was put on permanent leave by the firm’s board after sexual harassment allegations surfaced against his co-CEO, Richard Babbit. However, Reich was awarded a $10 million severance package, news reports show.

In 2005, Reich was diagnosed with a brain tumor — following a plane accident — that left him temporarily paralyzed on the right side of his body. He has since recovered, news reports show.

He is currently the president and CEO of medical equipment company Vizio Medical Devices, whose products are in the development stage, Reich said.

Serhant, Jabbour and Zabakolas did not immediately respond to requests for comment.


Related Articles

arrow_forward_ios
Robert Reffkin 
Compass’ Robert Reffkin bought $16M Tribeca pad: sources
Compass’ Robert Reffkin bought $16M Tribeca pad: sources
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)
Who’s buying and selling Manhattan homes? Last month’s notable deals
Who’s buying and selling Manhattan homes? Last month’s notable deals
Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps)
Mid-market investment sales off to strong start in 2021
Mid-market investment sales off to strong start in 2021
Tom Brady and Gisele Bündchen with 70 Vestry Street (Photos via Getty; 70 Vestry)
Tom Brady and Gisele Bündchen get $37M for Tribeca home
Tom Brady and Gisele Bündchen get $37M for Tribeca home
Jonathan Miller: Resi markets are facing a "chronic lack of inventory"
Jonathan Miller: Manhattan’s sales market is an “outlier” — and not in a good way
Jonathan Miller: Manhattan’s sales market is an “outlier” — and not in a good way
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)
Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Two-year Tribeca foreclosure saga continues with lawsuit over $20M
381 Broadway (Google Maps)
Two-year foreclosure battle in Tribeca culminates in bankruptcy filing
Two-year foreclosure battle in Tribeca culminates in bankruptcy filing
Toni Morrison and her former Tribeca home (Getty, BHS)
Toni Morrison’s Tribeca loft hits the market
Toni Morrison’s Tribeca loft hits the market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...