Buddy Fletcher’s Dakota apartment hits the market for $12.5M

Beleaguered hedge funder lived in fifth-floor unit at famed UWS co-op

New York /
May.May 12, 2016 03:10 PM

For $12.5 million, a seven-room apartment at perhaps the most famous residential building in New York City can be yours.

The fifth-floor unit at the Dakota, the famous co-op building at 1 West 72nd Street on the Upper West Side, features treetop views of neighboring Central Park and previously belonged to beleaguered hedge fund manager Alphonse “Buddy” Fletcher Jr.

In February, a state judge ordered the Dakota’s board to cancel Fletcher’s lease, change the locks and remove his belongings so the unit could be sold to pay Fletcher’s creditors, according to Wall Street Journal.

The co-op board filed a lawsuit this week, tapping John Burger at Brown Harris Stevens to market the property. Burger told the Journal that an apartment like Fletcher’s – complete with Central Park views, working fireplaces and a library – hasn’t been available at the Dakota in more than 10 years.

Part of the proceeds from the sale would go to investors who won a $50 million judgment last year against Fletcher and his company, Fletcher Asset Management, in relation to claims they were defrauded by the hedge funder.

The Dakota board is also seeking to recoup legal fees tied to a race discrimination lawsuit filed by Fletcher against the co-op in 2011 and subsequently dismissed last year.

In addition to the $12.5 million pad, two other units at the Dakota owned by Fletcher – a penthouse studio priced at $1 million and a $350,000 double staff room – are also up for sale.

Tribeca Film Festival co-founders Jane Rosenthal and Craig Hatkoff recently listed their five-bedroom apartment at the property for $39 million. [WSJ] – Rey Mashayekhi


Related Articles

arrow_forward_ios
Rachel Glazer (Credit: BHS)
BHS’ top Downtown agent jumps to Compass
BHS’ top Downtown agent jumps to Compass
BHS’ chief of tech, communications out amid internal shakeup
BHS’ chief of tech, communications out amid internal shakeup
BHS’ chief of tech, communications out amid internal shakeup
Bess Freedman and Robert Reffkin (Credit: Studio Scrivo)
“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
Douglas Elliman’s Lindsay Barton Barrett and 17 Prospect Park West in Park Slope (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow, Douglas Elliman)
TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
Somerset Partners’ Keith Rubenstein and 8 East 62nd Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Realtor)
TRD Pro: These were Manhattan’s priciest home sales in September
TRD Pro: These were Manhattan’s priciest home sales in September
Gustavo Arnal (Bed Bath & Beyond, Getty)
Exec’s Jenga building suicide doesn’t figure to hurt sales
Exec’s Jenga building suicide doesn’t figure to hurt sales
Chris Poore (Sotheby’s International Realty)
Top BHS agent jumps back to Sotheby’s
Top BHS agent jumps back to Sotheby’s
Glenn Rice with Fire Island (Getty, Giulia Menechella)
Brown Harris Stevens plants flag, but no office, on Fire Island
Brown Harris Stevens plants flag, but no office, on Fire Island
arrow_forward_ios

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

Loading...