The Manhattan real estate market may seem like a stellar investments, especially given the spate of high-profile, high-profit sales in recent months, but apparently not everyone wants all their money tied up in townhouses.
Ali Wambold, a managing principal at the anonymous-sounding investment group Corporate Partners and former CEO of alternative investments at Lazard, is downsizing considerably from a six-bedroom manse to a two-bedroom co-op at 1 Sutton Place South.
Not that Mr. Wambold and wife Monica Gerard-Sharp haven’t done well with the returns on their townhouse at 26 East 80th Street. The couple put the sprawling home, which they purchased for $2.65 million in 1994, on the market for $18.5 million back in September 2010. Even though the house has yet to sell, it appears that the couple has been able to rent the place (which was most recently listed for $20,000 a month—$24,000 if you wanted it furnished). Read More