Rich Marin is big. For more than three decades, he dominated Wall Street, creating some of the industry’s most exotic investments, making billions for his clients, and millions for himself. One of his minions blew a hole in the side of Bankers Trust, a firm Mr. Marin helped transform into a derivatives powerhouse, and still he held on for the ride, becoming the youngest managing director ever at the bank. It all came crashing down five years ago, when the hedge funds he oversaw at Bear Stearns imploded. The rest of the world followed within the year. But there was Mr. Marin, standing amid the wreckage, helping rescue an overzealous Israeli diamond magnate who had plowed $3 billion into prime U.S. real estate just as the frothing market froze over. He rescued the firm, only to be unceremoniously fired two years to the day after he joined.
Now Rich Marin wants to build the world’s largest ferris wheel—in Staten Island, naturally—and the mayor just gave him his blessing.
Did we mention he is big? At the announcement of the project last Thursday, Mr. Marin absolutely dwarfed Mayor Bloomberg and Senator Chuck Schumer, along with the other dignitaries gathered at the ferry terminal. But despite his imposing size—he stands 6-foot-5 and is built like an offensive lineman—Mr. Marin is probably one of the gentlest people on the Street. Were he a real bear, rather than having worked for one, Mr. Marin would be not a grizzly but a teddy. This may help explain his turbulent career.
Developer Maurice Mann, who partnered with the billionaire Lev Leviev to buy the Apthorp in 2007, is being sued by Blue Rock Properties, a brokerage firm that helped arrange the deal’s financing.
Blue Rock claims Mann Realty Associates failed to pay the required fees on about $16 million dollars of the $425 million Read More
A management deal has been reached regarding the Apthorp condo conversion at 79th Street and Broadway, according to a release this morning (reprinted in full below). The deal transfers management from Mann Realty to an affiliate of the Feil Organization, and thus seems to end what’s become one of New York’s juiciest real estate soap Read More
From Crain’s: "Less than a week after a New York State Supreme Court judge ordered the warring owners of the famed Apthorp apartment building into arbitration to solve their differences time is running out. One of their lenders could throw the project into default this Friday if the two don’t reach an accord.Last Read More
Yesterday afternoon, the Daily Transom received an emailed invite for a cocktail party taking place on Thurs., Dec. 5 to "celebrate the holidays" with Harvey Weinstein‘s online community A Small World (a.k.a. Facebook for millionaires) and the luxury diamond brand Leviev at the brand’s Madison Avenue boutique.The email’s subject line was, "Socials Buck the Recession Read More
Israeli banks are growing increasingly fearful that Lev Leviev’s Africa-Israel–owner of the old New York Times building and other New York City trophies–will be unable to repay the more the $4 billion (or 14 billion shekels) he’s taken in short- and long-term loans, according to an article in today’s Haaretz: Read More
Africa Israel Investments LTD has said that it will sell a nearly 50 percent stake in its Manhattan towers to an investment fund based in the Far East, according to Bloomberg.com:
"Africa is selling 49.9 percent of its holding in the Clock Tower and 49 percent of the Times Building properties Read More
We got some skinny on the District, the new luxury (what isn’t?) condo in the financial district from Israeli gazillionaire Lev Leviev and nightlife impressario Amy Sacco. The District, set to open at 60 Ann Street in the spring, will offer buyers studios, one- and two-bedrooms starting in the $500s and penthouses starting from Read More
Lev Leviev will soon have some competition up on Madison Avenue.
Mauboussin, the high-end Parisian jeweler, has signed on for 8,400 square feet at 714 Madision Avenue, according to Newmark Knight Frank’s Amira Yunis. The building was formerly occupied by upscale women’s clothing store Shanghai Tang.
Founded in 1827, Mauboussin is one of Read More
Lev Leviev and Shaya Boymelgreen have set the terms to their break-up. The two were a seemingly ubiquitous part of the city's recent real estate building boom, but not any more. Still, like most breakups, theirs will linger until it's permanent.
A press release comes from Israel with lots of juicy details, and it's Lev Read More