The Federal Bureau of Investigation held a press briefing today in which they released photo and video footage of two individuals suspected of being involved in Monday’s deadly bombing of the Boston Marathon.
“Today we are enlisting the public’s help to identify the two suspects,” F.B.I. Special Agent Richard DesLauriers said at the conference.
“After a very detailed analysis of photo, video and other evidence, we are releasing photos of these two suspects. They are identified as ‘Suspect 1′ and ‘Suspect 2.’ They appear to be associated.”
Yesterday, The Observer reported that the gilded penthouse atop 1020 Fifth Avenue had finally sold. Finally for a number of reasons: It had sat on the market for four years, first asking $5o million before selling for nearly half-off—but also because the home had not seen the light of the real estate listings since the Jazz Age. When Samuel Kress originally bought the place, it cost $150,000, at once a staggering and tiny amount. This newspaper could not help wondering: Just how good of a deal was it?
Yesterday, we trumpeted the killer sale Eastdil Secured’s Benjamin Lambert pulled off on his Upper East Side townhouse. He bought the place for somewhere in the mid-six figures in 1978, and just sold it for $10.5 million. Reader Richard S. Zimmerman, a partner at accounting firm Berdon LLP, points out that our math is a little off. Or a lot:
Your interest calculation on the Lambert sale is off by a large factor. Assuming Lambert had 100% financing in 1978 and purchased the house for $300K and he sold in 2011 at $10.4 M (minus the broker at 5% = $9.88M) his rate of return would be a more modest 10.5% per year not 2,000%.
Having foolishly believed the pen mightier than the calculator, we asked Mr. Zimmerman for further explanation, and he provided another handy—and telling!—example.