Hollywood to The Carlyle: Paramount Boss Brad Grey Buys for $15.5M

french e1322780816180 Hollywood to The Carlyle: Paramount Boss Brad Grey Buys for $15.5M

Brad and Cassandra Grey

Sitting on the board of N.Y.U.’s Stern Business School, hedge funder Peter Schoenfeld knows a thing or two about economics: buy low, sell high.

Back in 2007, Mr. Schoenfeld and his wife  Charlotte bought the the entire 26th floor of the storied Carlyle Hotel for $6.4 million from Allbritton Communications, the publisher of Politico. It was the height of the real estate boom, so you would think Mr. Schoendfeld had overpaid. Not so! According to city records, he has just flipped the property to none other than Hollywood power broker Brad Grey.Mr. Schoenfeld did not do quite as well as he had hoped, however, selling the 3,000-square-foot spread for $15.5 million, less than the $17.5 million he originally hoped to get when he put the place on the market in July. The deal was first reported by The Hollywood Reporter last Friday, but the deal just came through city records today.

Mr. Schoenfeld is a respected opportunistic investor who The Financial Times recently called “the deal junkie,” who has called the city home for years. For Mr. Grey, the head of Paramount Picture, this is a bit of a homecoming for the Bronx-born former agent and television producer (credits include The Garry Shandling Show, The Sopranos, NewsRadio and Just Shoot Me!).

According to a listing from Brown Harris Stevens agent Kathy Sloane, Mr. Grey and his wife Cassandra will be master and mistress of the Universe in their new place, enjoying mood-setting city vistas.”With magnificent views west over Central Park, romantic sunsets and brilliant sun rises are a part of life at the top of Manhattan.” The sprawl includes a 323-square-foot master suite, an in-home office and a giant entertaining-friendly gallery.

Mr. Grey has been busy with real estate dealings recently, The Hollywood Reporter notes. He put a seven-bedroom Los Angeles estate, once owned by Frank Sinatra, on the market for $23.5 million in September, which he purchased only last year for $17.5 million. Taking a page from Mr. Schoenfeld’s book, it appears..

eknutsen@observer.com