The Real Deal Miami

Madoff confinement won’t fix real estate woes

June 30, 2009 02:02PM

From the New York Web site: As Bernard Madoff heads off to prison to serve a 150-year sentence for a Ponzi scheme, he will give up his penthouse at 133 East 64th Street. That leaves his wife Ruth searching for a new place to live, and she has had trouble finding landlords willing to take her on as a tenant, the New York Post reported today. The proceeds of the Upper East Side co-op sale will go toward paying back the victims of his crimes. When Madoff’s bond was originally put up in December, the co-op was valued at $7 million, but as the housing market continues its downward plunge, Madoff’s victims may find themselves losing out. TRD