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	<title>Observer &#187; Mary Rutherfurd</title>
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		<title>Observer &#187; Mary Rutherfurd</title>
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		<title>Frederick Iseman Closes on Huguette Clark Spread for $22.5 M.</title>

		<comments>http://observer.com/2012/11/frederick-iseman-closes-on-huguette-clark-spread-for-22-5-m/#comments</comments>
		<pubDate>Mon, 26 Nov 2012 08:45:00 -0400</pubDate>
					<link>http://observer.com/2012/11/frederick-iseman-closes-on-huguette-clark-spread-for-22-5-m/</link>
			<dc:creator>Kim Velsey</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=278514</guid>
		<description><![CDATA[<p><div id="attachment_278516" class="wp-caption alignleft" style="width: 310px"><a href="http://observer.com/2012/11/frederick-iseman-closes-on-huguette-clark-spread-for-22-5-m/clark-3/" rel="attachment wp-att-278516"><img class="size-medium wp-image-278516" title="clark" alt="" src="http://nyoobserver.files.wordpress.com/2012/11/clark.jpg?w=300" height="199" width="300" /></a><p class="wp-caption-text">Sold! The board has accepted Iseman's $22.5 bid to become the next owner of 8W.</p></div></p>
<p>Looking to wow the board of <strong>907 Fifth Avenue</strong>? A high-paying job in finance seems to be just the ticket.</p>
<p>The board has accepted <strong>Frederick Iseman</strong>’s <strong>$22.5 million</strong> bid to buy the park-facing eighth-floor apartment that belonged to late copper heiress Huguette Clark—one of the three in the building. <a href="observer.com/2012/08/ci-capital-partners-private-equity-chief-frederick-iseman-bids-on-huguette-clark-apartment/">Mr. Iseman made the bid in mid-summer</a>, after the board reportedly blocked Qatari Prime Minister <strong>Sheikh Hamad bin Jassim bin Jaber Al Thani</strong>’s move to snap up both of Clark's eighth-floor apartments to create one the largest floor-throughs on Fifth Avenue.<!--more--></p>
<p>The deal, sources have told <em>The Observer</em>, will give Mr. Iseman not only the entirety of apartment 8W, which was asking $19 million, but also a piece of 8E. It's unclear what will become of the remainder of 8E, which one broker deemed the more charming of the two spaces, even if it lacks a park view. Apartment 8E, listed with Brown Harris Stevens brokers <strong>Mary Rutherfurd</strong> and <strong>Leslie Coleman</strong> for $12 million, has been off the market for several months.</p>
<p>Will the new 8E, minus the chunk annexed by Mr. Iseman, return to the market? After all the dust has settled, we expect it will. It was Clark's most modest holding in the building, but it was no shrinking violet. The 12-room apartment boasted a 47-foot-long windowed gallery opening up onto a 29-foot corner living room, a library, a reception room and a formal dining room (plus two palatial bedrooms).</p>
<p>Maybe the breather isn't necessarily a bad thing? It will take at least one season of summer work hours (and quite possibly more) before Boaz Weinstein—<a href="http://observer.com/2012/07/boaz-weinstein-pays-25-5-m-for-huguette-clark-penthouse/">who bought Clark's 12th-floor penthouse for $25.5 million this July</a>—or Mr. Iseman move into their new apartments, but the building might feel out of balance if all three of Clark's old apartments were suddenly occupied.</p>
<p>After all, the apartments sat empty and echoing for years but for Clark's enormous doll collection after the eccentric heiress took up residence at a hospital for the treatment of a mysterious, and likely imaginary, illness.</p>
<p>A few more million for Clark's heirs to squabble over. Clark's estate, estimated to be worth some $400 million, is being administered by the New York County public administrator. Her relatives (she had no children) have already filed a lawsuit to reclaim some of the $44 million in gifts that Clark gave her extensive entourage of lawyers, doctors and nurses in the decades before she died. In the wise of words of Biggie Smalls, mo' money, mo' problems.</p>
<p><em>kvelsey@observer.com</em></p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_278516" class="wp-caption alignleft" style="width: 310px"><a href="http://observer.com/2012/11/frederick-iseman-closes-on-huguette-clark-spread-for-22-5-m/clark-3/" rel="attachment wp-att-278516"><img class="size-medium wp-image-278516" title="clark" alt="" src="http://nyoobserver.files.wordpress.com/2012/11/clark.jpg?w=300" height="199" width="300" /></a><p class="wp-caption-text">Sold! The board has accepted Iseman's $22.5 bid to become the next owner of 8W.</p></div></p>
<p>Looking to wow the board of <strong>907 Fifth Avenue</strong>? A high-paying job in finance seems to be just the ticket.</p>
<p>The board has accepted <strong>Frederick Iseman</strong>’s <strong>$22.5 million</strong> bid to buy the park-facing eighth-floor apartment that belonged to late copper heiress Huguette Clark—one of the three in the building. <a href="observer.com/2012/08/ci-capital-partners-private-equity-chief-frederick-iseman-bids-on-huguette-clark-apartment/">Mr. Iseman made the bid in mid-summer</a>, after the board reportedly blocked Qatari Prime Minister <strong>Sheikh Hamad bin Jassim bin Jaber Al Thani</strong>’s move to snap up both of Clark's eighth-floor apartments to create one the largest floor-throughs on Fifth Avenue.<!--more--></p>
<p>The deal, sources have told <em>The Observer</em>, will give Mr. Iseman not only the entirety of apartment 8W, which was asking $19 million, but also a piece of 8E. It's unclear what will become of the remainder of 8E, which one broker deemed the more charming of the two spaces, even if it lacks a park view. Apartment 8E, listed with Brown Harris Stevens brokers <strong>Mary Rutherfurd</strong> and <strong>Leslie Coleman</strong> for $12 million, has been off the market for several months.</p>
<p>Will the new 8E, minus the chunk annexed by Mr. Iseman, return to the market? After all the dust has settled, we expect it will. It was Clark's most modest holding in the building, but it was no shrinking violet. The 12-room apartment boasted a 47-foot-long windowed gallery opening up onto a 29-foot corner living room, a library, a reception room and a formal dining room (plus two palatial bedrooms).</p>
<p>Maybe the breather isn't necessarily a bad thing? It will take at least one season of summer work hours (and quite possibly more) before Boaz Weinstein—<a href="http://observer.com/2012/07/boaz-weinstein-pays-25-5-m-for-huguette-clark-penthouse/">who bought Clark's 12th-floor penthouse for $25.5 million this July</a>—or Mr. Iseman move into their new apartments, but the building might feel out of balance if all three of Clark's old apartments were suddenly occupied.</p>
<p>After all, the apartments sat empty and echoing for years but for Clark's enormous doll collection after the eccentric heiress took up residence at a hospital for the treatment of a mysterious, and likely imaginary, illness.</p>
<p>A few more million for Clark's heirs to squabble over. Clark's estate, estimated to be worth some $400 million, is being administered by the New York County public administrator. Her relatives (she had no children) have already filed a lawsuit to reclaim some of the $44 million in gifts that Clark gave her extensive entourage of lawyers, doctors and nurses in the decades before she died. In the wise of words of Biggie Smalls, mo' money, mo' problems.</p>
<p><em>kvelsey@observer.com</em></p>
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		<title>Boaz Weinstein Pays $25.5 M. For Huguette Clark Penthouse</title>

		<comments>http://observer.com/2012/07/boaz-weinstein-pays-25-5-m-for-huguette-clark-penthouse/#comments</comments>
		<pubDate>Thu, 12 Jul 2012 13:56:48 -0400</pubDate>
					<link>http://observer.com/2012/07/boaz-weinstein-pays-25-5-m-for-huguette-clark-penthouse/</link>
			<dc:creator>Kim Velsey</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=251691</guid>
		<description><![CDATA[<p><div id="attachment_251699" class="wp-caption alignleft" style="width: 286px"><a href="http://observer.com/2012/07/boaz-weinstein-pays-25-5-m-for-huguette-clark-penthouse/hclark_ny/" rel="attachment wp-att-251699"><img class=" wp-image-251699" title="The sought-after apartment of Huguette Clark is on the top floor." src="http://nyoobserver.files.wordpress.com/2012/07/hclark_ny.jpg?w=276" alt="" width="276" height="300" /></a><p class="wp-caption-text">The sought-after apartment of Huguette Clark is on the top floor.</p></div></p>
<p>Apparently people are willing to pay a premium to live in the apartment of a reclusive, doll-loving copper heiress. At least they are when it's a massive, 12th-floor spread facing Central Park.</p>
<p><strong>Boaz Weinstein</strong>, the founder of Saba Capital, has paid $25.5 million for co-op apartment <strong>12W</strong>, a full $1.5 million over the $24 million ask.<!--more--></p>
<p>The deal, <a href="http://ny.curbed.com/archives/2012/05/31/huguette_clarks_dollhouse_sells_to_hedge_funder_for_255m.php">which was rumored to be in place in May</a>, has finally hit city records.  Mr. Weinstein purchased the pricey pad under the LZ Trust, after winning the approval of the co-op board (<a href="http://observer.com/2012/05/what-was-the-co-op-board-rejection-of-huguette-clark-bid-really-about/">something that the prospective buyer of Clark's other apartments on the 8th floor failed to do</a>). Although the sale took long enough to go through, with <a href="http://observer.com/2012/04/buyer-strike-copper-vein-hugette-clarks-907-fifth-penthouse-in-contract/">a contract signed in early April</a>.</p>
<p>"It's only one of a few co-ops in the city that you can buy under a trust," Brown Harris Stevens spokeswoman Amy Gotzler noted when we called her about the sale.</p>
<p>The apartments—which are said to need a lot of work—have attracted interest and speculation ever since Clark died in May 2011 at the age of 104. After hitting the market this spring, the 12th-floor apartment, listed with Brown Harris Stevens brokers <strong><strong>Mary Rutherfurd</strong> </strong>and <strong>Leslie Coleman</strong>, went almost immediately into contract.</p>
<p>The listing described an apartment of antiquated splendor and hard-to-match scale: ornate moldings done in the style of Louis XVI, award-winning architects and designers of the 1920s.</p>
<p>“It was like going back in time 100 years,” <a href="http://www.nytimes.com/2012/03/20/nyregion/a-glimpse-into-huguette-clarks-manhattan-apartments.html?ref=connecticut">one potential buyer told <em>The New York Times</em></a> shortly after the home hit the market. “There was oak paneling and original wood floors, and in the kitchen there were appliances from 1915. It was a throwback.”</p>
<p>Clark, who believed herself beset by mysterious illnesses, had not lived in the apartment for years, preferring the sterile splendor of a hospital suite.</p>
<p>Mr. Weinstein, once he completes the extensive renovations required to inhabit the space, will be its first inhabitant in decades.</p>
<p>The apartments are being sold by the New York County public administrator, who is managing the estate worth some $400 million. Clark's distant relatives have already cast the first blows in what is sure to be a bruising court battle over Clark's fortune (they accuse her attorney and accountant of mishandling her fortune). Now they have $1.5 million more to fight over.</p>
<p><em>kvelsey@observer.com</em></p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_251699" class="wp-caption alignleft" style="width: 286px"><a href="http://observer.com/2012/07/boaz-weinstein-pays-25-5-m-for-huguette-clark-penthouse/hclark_ny/" rel="attachment wp-att-251699"><img class=" wp-image-251699" title="The sought-after apartment of Huguette Clark is on the top floor." src="http://nyoobserver.files.wordpress.com/2012/07/hclark_ny.jpg?w=276" alt="" width="276" height="300" /></a><p class="wp-caption-text">The sought-after apartment of Huguette Clark is on the top floor.</p></div></p>
<p>Apparently people are willing to pay a premium to live in the apartment of a reclusive, doll-loving copper heiress. At least they are when it's a massive, 12th-floor spread facing Central Park.</p>
<p><strong>Boaz Weinstein</strong>, the founder of Saba Capital, has paid $25.5 million for co-op apartment <strong>12W</strong>, a full $1.5 million over the $24 million ask.<!--more--></p>
<p>The deal, <a href="http://ny.curbed.com/archives/2012/05/31/huguette_clarks_dollhouse_sells_to_hedge_funder_for_255m.php">which was rumored to be in place in May</a>, has finally hit city records.  Mr. Weinstein purchased the pricey pad under the LZ Trust, after winning the approval of the co-op board (<a href="http://observer.com/2012/05/what-was-the-co-op-board-rejection-of-huguette-clark-bid-really-about/">something that the prospective buyer of Clark's other apartments on the 8th floor failed to do</a>). Although the sale took long enough to go through, with <a href="http://observer.com/2012/04/buyer-strike-copper-vein-hugette-clarks-907-fifth-penthouse-in-contract/">a contract signed in early April</a>.</p>
<p>"It's only one of a few co-ops in the city that you can buy under a trust," Brown Harris Stevens spokeswoman Amy Gotzler noted when we called her about the sale.</p>
<p>The apartments—which are said to need a lot of work—have attracted interest and speculation ever since Clark died in May 2011 at the age of 104. After hitting the market this spring, the 12th-floor apartment, listed with Brown Harris Stevens brokers <strong><strong>Mary Rutherfurd</strong> </strong>and <strong>Leslie Coleman</strong>, went almost immediately into contract.</p>
<p>The listing described an apartment of antiquated splendor and hard-to-match scale: ornate moldings done in the style of Louis XVI, award-winning architects and designers of the 1920s.</p>
<p>“It was like going back in time 100 years,” <a href="http://www.nytimes.com/2012/03/20/nyregion/a-glimpse-into-huguette-clarks-manhattan-apartments.html?ref=connecticut">one potential buyer told <em>The New York Times</em></a> shortly after the home hit the market. “There was oak paneling and original wood floors, and in the kitchen there were appliances from 1915. It was a throwback.”</p>
<p>Clark, who believed herself beset by mysterious illnesses, had not lived in the apartment for years, preferring the sterile splendor of a hospital suite.</p>
<p>Mr. Weinstein, once he completes the extensive renovations required to inhabit the space, will be its first inhabitant in decades.</p>
<p>The apartments are being sold by the New York County public administrator, who is managing the estate worth some $400 million. Clark's distant relatives have already cast the first blows in what is sure to be a bruising court battle over Clark's fortune (they accuse her attorney and accountant of mishandling her fortune). Now they have $1.5 million more to fight over.</p>
<p><em>kvelsey@observer.com</em></p>
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