When the Siebel family of California gaze out the picture windows of their new Tribeca pad, they should be able to see San Francisco—at least, if that old New Yorker cover is accurate..
Jennifer Siebel’s husband may be Gavin Newsom, San Francisco’s former playboy mayor and currently California’s lieutenant governor (Larry Page and Sergey Brin provided air transport to their wedding), but the rest of the Siebel family (Jennifer’s mom, dad and sister) is all about New York at the moment: Jessica, Kenneth and Judy Siebel popped up last week in city records as the latest buyers at 250 West Street, the El-Ad-developed luxury condo conversion (what other kind is there?) in Tribeca.
Given that Ken and Judy Siebel appear to still be based in California, where Mr. Siebel is a chairman at the descriptively-named North Bay wealth management firm Private Wealth Partners, LLC, we’re guessing that the new apartment is for Jessica, who is a principal at the Client and Partner Group (these financial firms sure have a way with words!) at private equity firm KKR. Or maybe a family pied-a-terre?
Kenneth will be disappointed to learn that despite his new waterfront holding, he will not, in fact, be able to control access to the Hudson River (which has a love/hate relationship with 250 West: during Hurricane Sandy it tried to reclaim the property, delaying the move-in date). The millionaire told the New York Times that he was “crushed personally” when the Montana Supreme Court ruled that he and other landowners along the Mitchell Slough in the Bitterroot Valley were not allowed to “fence [the stream] off as part of their private sanctuaries.”
For the three-bedroom, 3.5-bath sponsor unit perched on the ninth floor, the family shelled out a smidge over $5.9 million, about $50,000 shy of the ask, and they paid for it by taking out a $4.3 million mortgage. (Given that the finance-heavy family almost certainly had a few million more lying around, it seems they’re betting that they could earn a better return on their money than the mortgage interest rate.)
The unit was listed by Erica Miller at Cantor and Pecorella, who’s doing sales for the developer. In April she also sold a unit to another west coast fixture-come-east, former Universal Motown Records exec Sylvia Rhone, who bought a less pricey three-bedroom.