The Real Deal New York

Real estate investor who pled guilty to $96M ponzi scheme lists UES apartment for $2M

By Isabel schwab | January 27, 2017 11:56AM

The unit at 200 East 61st Street and Adam Manson

Adam Manson, a Long Island real estate investor who pled guilty in 2014 in a $96 million ponzi scheme, has listed a rather modest apartment he owns at 200 East 61st Street for $1.725 million, according to city records.

Manson and his brother-in-law Brian Callahan pled guilty to taking money from investors who thought they were putting their money in hedge funds and using it to fund the Panoramic View Resort & Residences in Montauk. Callahan and Manson sent out fake account statements showing how investors’ money had grown, though the whole thing fell apart in 2012 when the SEC brought a case against them. Manson was sentenced to up to five years in prison as part of a plea deal.

In surprise twist, however, the property turned out to be a pretty good investment, and its sale may have allowed some of the investors to get some of their money back.

This apartment at 200 East 61st Street was also a pretty good investment; Manson bought the one-bedroom, one-and-a-half-bathroom property with his late mother, Beverly Manson, in 2002 for only $600,000.