Ex-banker with “Wolf of Wall Street” connection tried “pie in the sky” pricing strategy in Tribeca. It didn’t work.

Alan Wilzig sold home for $12.7M, far below original asking price of $44M

TRD New York /
Mar.March 05, 2019 09:30 AM

Alan Wilzig and 7 Hubert Street (Credit: Wikipedia and Google Maps)

Race car-driving ex-banker Alan Wilzig, known for inspiring a minor character in the movie “The Wolf of Wall Street,” has sold his Tribeca townhouse to a wealthy Brazilian family for $12.65 million, well below its original asking price of $44 million in 2014.

Having paid $3.35 million for the property and another $1.5 million on renovation, Wilzig still netted a tidy profit, the Wall Street Journal reported. The $44 million price tag was a “pie in the sky” strategy motivated by aggressive pricing he had seen in the area.

Wilzig told the Journal he wanted to “see if some Chinese billionaire wanted to live in Tribeca bad enough.” Following his divorce in 2017, he lowered the price tag to $20 million, when he became serious about selling. Before that, Wilzig says he wouldn’t have sold “without being paid such a stupid amount of money compared to what it’s worth.”

The ex-banker’s connection to “The Wolf of Wall Street” stems from the fact that his ex-girlfriend Nadine Caridi later went on to become Jordan Belfort’s second wife. Wilzig has objected to his portrayal in the Scorsese film, claiming it made him appear “nerdy” and left out the fact that he was driving a red Ferrari.

The 6,500-square foot home is one of the two townhouses at 7 Hubert Street, built in 2003. In addition to four bedrooms, the property includes a “great room” with an onyx fireplace, an 800-square-foot patio, a media room, spa, and private garage. Jane Powers of Douglas Elliman had the listing.

Wilzig now plans to spend more time at his farm in Taghkanic in upstate New York, where he built a 40-foot-wide Grand Prix racing track in 2010 for $7.5 million. He has retired from professional driving. Wilzig is also an investor and the former CEO of the Trust Company of New Jersey, which was previously owned by his father, oil tycoon Siggi Wilzig. [WSJ] — Kevin Sun


Related Articles

arrow_forward_ios
(iStock)

Déjà vu: New home sales hit 14-year high in August

Déjà vu: New home sales hit 14-year high in August
Housing and Urban Development secretary Ben Carson (Getty; iStock)

CoreLogic’s screening algorithm may have discriminated against renters: lawsuit

CoreLogic’s screening algorithm may have discriminated against renters: lawsuit
220 Central Park South with Louise Sunshine and Steve Roth (Google Maps, Getty)

Another 220 Central Park South condo trades for over $10K psf

Another 220 Central Park South condo trades for over $10K psf
The Real Deal's Amir Korangy, Fredrik Eklund and Louise Sunshine

Louise Sunshine and Fredrik Eklund hold court on selling luxury

Louise Sunshine and Fredrik Eklund hold court on selling luxury
Sheikh Sultan A. Al Qasimi and 15 Central Park West (Google Maps)

Tax lien triggers foreclosure filing on sheikh’s 15 CPW unit

Tax lien triggers foreclosure filing on sheikh’s 15 CPW unit
Photo illustration of the Williamsburg Bridge (Getty, iStock) 

As Manhattan struggles, Brooklyn’s sales market is “booming”

As Manhattan struggles, Brooklyn’s sales market is “booming”
HFZ Capital’s condo the XI has sold 38 of its 236 units (iStock)

HFZ’s Chelsea condo now effective, with 16% of units sold

HFZ’s Chelsea condo now effective, with 16% of units sold
Zillow's Rich Barton (iStock)

Zillow launches brokerage to boost iBuying

Zillow launches brokerage to boost iBuying
arrow_forward_ios

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

Loading...