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	<title>Observer &#187; What Was the Co-op Board Rejection of Huguette Clark Bid Really About?</title>
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		<title>Observer &#187; What Was the Co-op Board Rejection of Huguette Clark Bid Really About?</title>
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		<title>What Was the Co-op Board Rejection of Huguette Clark Bid Really About?</title>

		<comments>http://observer.com/2012/05/what-was-the-co-op-board-rejection-of-huguette-clark-bid-really-about/#comments</comments>
		<pubDate>Tue, 08 May 2012 11:37:31 -0400</pubDate>
					<link>http://observer.com/2012/05/what-was-the-co-op-board-rejection-of-huguette-clark-bid-really-about/</link>
			<dc:creator>Kim Velsey</dc:creator>
				
		<guid isPermaLink="false">http://www.observer.com/?p=238081</guid>
		<description><![CDATA[<p><div id="attachment_238093" class="wp-caption alignleft" style="width: 410px"><a href="http://nyoobserver.files.wordpress.com/2012/05/clarkbuyer.jpg"><img class="size-medium wp-image-238093" title="Too much of a hassle?" src="http://nyoobserver.files.wordpress.com/2012/05/clarkbuyer.jpg?w=400&h=268" alt="" width="400" height="268" /></a><p class="wp-caption-text">Too much of a hassle? (Getty)</p></div></p>
<p>Did the co-op board at <strong>907 Fifth Avenue  </strong>really hate the idea of making a full-floor apartment out of <strong>Huguette Clark's</strong> two 8th-floor residences? Or do they just hate children?</p>
<p>Following our report yesterday that<a href="http://www.observer.com/2012/05/huguette-clark-apartment-sale-falls-through/"> Clark's mega-apartment sale fell through</a>, reportedly because the board didn't like the bidder's plans to combine the units, the<em> New York Post</em> IDs the <a href="http://www.nypost.com/p/news/local/manhattan/giving_him_the_sheik_fWz1caj7823ER9rSxhvgXL?utm_medium=rss&amp;utm_content=Manhattan">reason as too many kids</a>. That's a new one.<!--more--></p>
<p>The rebuffed buyer, rumored to be Qatari prime minister, <strong>Sheikh Hamad bin Jassim bin Jaber Al Thani</strong>, reportedly made a $31.5 million bid, which was $500,000 over the combined ask for the two apartments, listed at <strong>$19 million </strong>and<strong> $12 million, </strong>with Brown Harris Stevens brokers <strong>Mary Rutherfurd </strong>and <strong>Leslie Coleman.</strong></p>
<p>Mr. Hamad's 15 kids, two wives and and small army of staffers were simply too much for the co-op board, claims the<em> Post.</em> But it's not like the crew would have been cramped in a 22-room floor-through apartment—which, if combined, would have been quite possibly the biggest of its kind of the park. And we're talking 40-foot rooms next to other 40-foot rooms, none of two-bedroom, possible three-bedroom conversion business you see with the starter-millionaire properties.</p>
<p>Maybe the board were just afraid the family plus entourage would hog the elevator? Or it seemed too much of a shift from the childless Clark, who hadn't lived there in decades anyway?</p>
<p>“It was just too complicated,’’ a source told the <em>Post.</em></p>
<p>Clark, who died in May 2011 at age 104, owned <a href="../2012/04/buyer-strike-copper-vein-hugette-clarks-907-fifth-penthouse-in-contract/">the penthouse at 907 Fifth Avenue, which is currently in contract</a> (reportedly for close to the $24 million ask) and the two 8th-floor apartments. <strong></strong></p>
<p>Mr. Hamad has reportedly been searching for a New York City pad for more than a year. Given that he seems to have plenty of money to spare, we'd recommend Millennium Partners founding partner Christopher M. Jeffries' $77.5 million pad at the Ritz. Not only is the apartment already renovated in high style, but Mr. Hamad won't have to deal with any pesky co-op boards.</p>
<p><em>kvelsey@observer.com</em></p>
<p>&nbsp;</p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_238093" class="wp-caption alignleft" style="width: 410px"><a href="http://nyoobserver.files.wordpress.com/2012/05/clarkbuyer.jpg"><img class="size-medium wp-image-238093" title="Too much of a hassle?" src="http://nyoobserver.files.wordpress.com/2012/05/clarkbuyer.jpg?w=400&h=268" alt="" width="400" height="268" /></a><p class="wp-caption-text">Too much of a hassle? (Getty)</p></div></p>
<p>Did the co-op board at <strong>907 Fifth Avenue  </strong>really hate the idea of making a full-floor apartment out of <strong>Huguette Clark's</strong> two 8th-floor residences? Or do they just hate children?</p>
<p>Following our report yesterday that<a href="http://www.observer.com/2012/05/huguette-clark-apartment-sale-falls-through/"> Clark's mega-apartment sale fell through</a>, reportedly because the board didn't like the bidder's plans to combine the units, the<em> New York Post</em> IDs the <a href="http://www.nypost.com/p/news/local/manhattan/giving_him_the_sheik_fWz1caj7823ER9rSxhvgXL?utm_medium=rss&amp;utm_content=Manhattan">reason as too many kids</a>. That's a new one.<!--more--></p>
<p>The rebuffed buyer, rumored to be Qatari prime minister, <strong>Sheikh Hamad bin Jassim bin Jaber Al Thani</strong>, reportedly made a $31.5 million bid, which was $500,000 over the combined ask for the two apartments, listed at <strong>$19 million </strong>and<strong> $12 million, </strong>with Brown Harris Stevens brokers <strong>Mary Rutherfurd </strong>and <strong>Leslie Coleman.</strong></p>
<p>Mr. Hamad's 15 kids, two wives and and small army of staffers were simply too much for the co-op board, claims the<em> Post.</em> But it's not like the crew would have been cramped in a 22-room floor-through apartment—which, if combined, would have been quite possibly the biggest of its kind of the park. And we're talking 40-foot rooms next to other 40-foot rooms, none of two-bedroom, possible three-bedroom conversion business you see with the starter-millionaire properties.</p>
<p>Maybe the board were just afraid the family plus entourage would hog the elevator? Or it seemed too much of a shift from the childless Clark, who hadn't lived there in decades anyway?</p>
<p>“It was just too complicated,’’ a source told the <em>Post.</em></p>
<p>Clark, who died in May 2011 at age 104, owned <a href="../2012/04/buyer-strike-copper-vein-hugette-clarks-907-fifth-penthouse-in-contract/">the penthouse at 907 Fifth Avenue, which is currently in contract</a> (reportedly for close to the $24 million ask) and the two 8th-floor apartments. <strong></strong></p>
<p>Mr. Hamad has reportedly been searching for a New York City pad for more than a year. Given that he seems to have plenty of money to spare, we'd recommend Millennium Partners founding partner Christopher M. Jeffries' $77.5 million pad at the Ritz. Not only is the apartment already renovated in high style, but Mr. Hamad won't have to deal with any pesky co-op boards.</p>
<p><em>kvelsey@observer.com</em></p>
<p>&nbsp;</p>
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			<media:title type="html">Too much of a hassle?</media:title>
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