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	<title>Observer &#187; Late Oil King Warren Alpert Lived Lightly; His Ritz Tower Co-Ops Go for $1.57 M.</title>
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		<title>Observer &#187; Late Oil King Warren Alpert Lived Lightly; His Ritz Tower Co-Ops Go for $1.57 M.</title>
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		<title>Late Oil King Warren Alpert Lived Lightly; His Ritz Tower Co-Ops Go for $1.57 M.</title>

		<comments>http://observer.com/2007/10/late-oil-king-warren-alpert-lived-lightly-his-ritz-tower-coops-go-for-157-m/#comments</comments>
		<pubDate>Tue, 30 Oct 2007 21:59:06 -0400</pubDate>
					<link>http://observer.com/2007/10/late-oil-king-warren-alpert-lived-lightly-his-ritz-tower-coops-go-for-157-m/</link>
			<dc:creator>Max Abelson</dc:creator>
				
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		<description><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/transfers-ritzexterior3v.jpg?w=200&h=300" /><span style="letter-spacing: -0.1pt">By the time </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">Warren Alpert</span></strong><span style="letter-spacing: -0.1pt"> died this March, his private oil business was doing $2 billion in sales annually. Considering that he grew up in the 1920’s in a clapboard house outside Boston, one might think he’d have chosen to spend his latter years in massive onyx-clad opulence. </span>
<p class="text"><span style="letter-spacing: -0.1pt">But his two co-ops in </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">The Ritz Tower</span></strong><span style="letter-spacing: -0.1pt"> at 465 Park Avenue were sold off this month for relatively petite sums. A two-bedroom apartment went for </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">$1.4 million</span></strong><span style="letter-spacing: -0.1pt">, city records show, and a fourth-floor studio/storage space sold for </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">$175,000</span></strong><span style="letter-spacing: -0.1pt">.</span></p>
<p class="text"><span style="letter-spacing: 0.1pt">In contrast, he gave $100 million to Brown University’s medical school just before his death, which added to his $15 million Mount Sinai Hospital donation, plus the $20 million he gave to Harvard in 1993. “I want cures for Alzheimer’s disease, cancer, AIDS,” he said at the time. </span></p>
<p class="text">Considering the $135 million in donations and his $1.575 million apartments, the Warren Alpert Ritz Rule hereby stipulates that all New Yorkers must donate 85 times what their real estate is worth.</p>
<p class="text"><span style="letter-spacing: -0.15pt">According to an obituary, his home at the Ritz was his only luxury. Yet the main apartment hadn’t been renovated in a number of years, according to Ritz Tower managing director Richard Veffer, especially due to his declining health. His estate’s buyer, listed in city records as </span><strong><span style="letter-spacing: -0.15pt;font-family: 'Exchange Text Bold'">Cohen Brothers Realty</span></strong><span style="letter-spacing: -0.15pt">, an uptown office building firm run by developer </span><strong><span style="letter-spacing: -0.15pt;font-family: 'Exchange Text Bold'">Charles S. Cohen</span></strong><span style="letter-spacing: -0.15pt">, will be gut-renovating.</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">The place has just two bedrooms and a small kitchen: “Most of the apartments have small kitchenettes because we have room service here,” Mr. Veffer said. “He would take advantage of that for lunch and dinner.” (An in-house menu posted online features double lamb chops with mint, plus steak au poivre with cognac sauce.) Mr. Alpert also took housekeeping every day, and paid a bellman extra to deliver mail to his office nearby, according to Mr. Veffer. </span></p>
<p class="text">But, really, as far as oilman decadence goes, that’s not quite depraved. </p>
]]></description>
		<content:encoded><![CDATA[<p><img class="alignleft" src="http://nyoobserver.files.wordpress.com/2011/06/transfers-ritzexterior3v.jpg?w=200&h=300" /><span style="letter-spacing: -0.1pt">By the time </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">Warren Alpert</span></strong><span style="letter-spacing: -0.1pt"> died this March, his private oil business was doing $2 billion in sales annually. Considering that he grew up in the 1920’s in a clapboard house outside Boston, one might think he’d have chosen to spend his latter years in massive onyx-clad opulence. </span>
<p class="text"><span style="letter-spacing: -0.1pt">But his two co-ops in </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">The Ritz Tower</span></strong><span style="letter-spacing: -0.1pt"> at 465 Park Avenue were sold off this month for relatively petite sums. A two-bedroom apartment went for </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">$1.4 million</span></strong><span style="letter-spacing: -0.1pt">, city records show, and a fourth-floor studio/storage space sold for </span><strong><span style="letter-spacing: -0.1pt;font-family: 'Exchange Text Bold'">$175,000</span></strong><span style="letter-spacing: -0.1pt">.</span></p>
<p class="text"><span style="letter-spacing: 0.1pt">In contrast, he gave $100 million to Brown University’s medical school just before his death, which added to his $15 million Mount Sinai Hospital donation, plus the $20 million he gave to Harvard in 1993. “I want cures for Alzheimer’s disease, cancer, AIDS,” he said at the time. </span></p>
<p class="text">Considering the $135 million in donations and his $1.575 million apartments, the Warren Alpert Ritz Rule hereby stipulates that all New Yorkers must donate 85 times what their real estate is worth.</p>
<p class="text"><span style="letter-spacing: -0.15pt">According to an obituary, his home at the Ritz was his only luxury. Yet the main apartment hadn’t been renovated in a number of years, according to Ritz Tower managing director Richard Veffer, especially due to his declining health. His estate’s buyer, listed in city records as </span><strong><span style="letter-spacing: -0.15pt;font-family: 'Exchange Text Bold'">Cohen Brothers Realty</span></strong><span style="letter-spacing: -0.15pt">, an uptown office building firm run by developer </span><strong><span style="letter-spacing: -0.15pt;font-family: 'Exchange Text Bold'">Charles S. Cohen</span></strong><span style="letter-spacing: -0.15pt">, will be gut-renovating.</span></p>
<p class="text"><span style="letter-spacing: -0.15pt">The place has just two bedrooms and a small kitchen: “Most of the apartments have small kitchenettes because we have room service here,” Mr. Veffer said. “He would take advantage of that for lunch and dinner.” (An in-house menu posted online features double lamb chops with mint, plus steak au poivre with cognac sauce.) Mr. Alpert also took housekeeping every day, and paid a bellman extra to deliver mail to his office nearby, according to Mr. Veffer. </span></p>
<p class="text">But, really, as far as oilman decadence goes, that’s not quite depraved. </p>
]]></content:encoded>
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