Daniel Shak Gambled on Gold, Lost It All, Made It Back on Fifth Avenue Apartment

Shak's former shack (Photo from StreetEasy)

While Daniel Shak didn’t play his cards right in recent investments, it looks like he made made a safe bet when he decided to sell his condo at 1049 Fifth Avenue.

The Vegas based cardshark and gold investor was living large with a comfortable New York pied a tierre, but last winter things went terribly wrong. Doubting his aureate investment Mr. Shak sold $850 million worth of gold contracts (which constituted a full  10% of the US gold futures market, according to The Journal) sending the entire gold market into a tailspin, and losing some $7 million in the process.

Mr. Shak promptly listed his Fifth Avenue pad, asking $7.475 million for the place. The condo has finally sold, according to city records, and for not much less than he wanted, $7.4 million. That’s certainly better than his bet on gold, but also not much more than the $7.2 million Mr. Shak and his now ex-wife paid back when they bought the place in 2005.

According to a listing from Sotheby’s broker Margaret Juvelier the three-bedroom, 3.5-bath spread was recently renovated. The home features  mahogany doors, newly installed flooring, and a large terrace. Hopefully the new owners like to rock out because the place has surround sound speakers throughout, including the terraces.

The condo was bought under an LLC who appears to be a real winner: 1049 Champ Real Estate.

CORRECTION: This an earlier version of this post misstated Mr. Shak’s name as “David.” The Observer regrets the mistake.

eknutsen@observer.com

Daniel Shak Gambled on Gold, Lost It All, Made It Back on Fifth Avenue Apartment