Dolly Lenz marketing $15M Park Ave. co-op

Apartment belongs to longtime Bear Stearns CEO James Cayne

From left: Dolly Lenz, 510 Park Avenue and James Cayne
From left: Dolly Lenz, 510 Park Avenue and James Cayne

Superbroker Dolly Lenz has snagged a $14.95 million listing for a Park Avenue co-op belonging to James Cayne, the former chief executive of Bear Stearns, the Wall Street Journal reported.

Lenz, who formed her own company last month after leaving Douglas Elliman, is marketing the nearly 5,000-square-foot apartment at 510 Park Avenue. The five-bedroom, 5.5-bathroom pad sports a 34-foot-long-living room and a private elevator, as well as an “oversize” fireplace, the Journal said.

Cayne, the longtime head of the now-defunct investment bank who was once dubbed one of the “Worst American CEOs of All Time” by CNBC, bought the co-op for $1.1 million in 1981, but he and his wife moved out years ago, the Journal said. Cayne sold the apartment because “we don’t live there anymore.”

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In 2006, when Cayne’s interest in Bear Stearns was valued north of $1 billion, Cayne paid $27.4 million for a larger apartment at The Plaza Hotel, which was undergoing a partial condominium conversion at the time.

If the 510 Park Avenue unit sells at the asking price, it would set a record for sales in the building, agents told the newspaper. [WSJ]  – Hiten Samtani