Messrs. Novogratz and Pietrantone enjoying the park. (FHRP/Flickr)

The Friends of Hudson River Park have traded a real estate big for a Wall Street one.

Today, the West Side park booster group announced that Michael Novogratz, head of Fortress Capital, will take over from Douglas Durst, the former board chair, who left last month over a dispute about the future of Pier 40 and the direction of the trust that overseas the park.

Mr. Novogratz has been a board member of Friends for some time now, and an announcement calls him "an avid user of the park." After all, the hedge fund manager and city's foremost wrestling booster lives around the corner in a multimillion-dollar compound he has assembled at 110 Hudson Street in Tribeca.

Mr. Novogratz said he will continue to focus on expanding the donor base at Friends, among the controversial moves that drove off Mr. Durst. Previously, it has been more of an advocacy and oversight group, but increasingly it has been called upon to raise funds for the money-hungry waterfront oasis.

“I am excited to serve as the new Chairman of the Friends,” Mr. Novogratz said in a statement. “The next few years will be a critical time for the Park as we work together to combat the substantial financial and infrastructure challenges we face. My focus will be on expanding the number of donors for the Park’s operations and raising capital funds so that we maintain its status as one of New York’s premier parks.  We also need to make sure that this park, which is so important to the west side community, gets completed in a timely fashion."

The Friends also announced that A.J. Pietrantone, executive director of the Friends of Hudson River Park, will be stepping down, having successfully completed the new integration between the group and the trust. “I am confident that Mike will help to further strengthen and grow our assets, while ensuring a smooth transition for staff leadership as well," Mr. Pietrantone said.

“The Trust and the Friends enter this new phase of cooperation more aligned than ever,” said Madelyn Wils, director of the trust.

Photo by D Dipasupil/FilmMagic.

A note to our colleagues: Now may be a good time to stop sleeping in the office. Mayor Michael Bloomberg had The Observer on his mind yesterday at the Friends of the Hudson River Park's sping gala, reminding partygoers that FOHRP board chair Douglas Durst ranked fifth on The Commercial Observer's Real Estate Power 100, five spots ahead of hizzoner. "Look out for a visit from the city's building inspectors," he quipped, a friend tells us.

Mr. Bloomberg—his girlfriend Diana Taylor chairs the board of the Hudson River Park Trust—was on hand at Pier 26 to present Highbridge Capital co-founder Glenn Dubin with the FOHRP's Leadership in Community Enrichment award. It was no mere pit-stop on the evening agenda—Mr. Bloomberg stayed through dinner (goat cheese panna cotta and seared arctic char from Union Square Catering) and chatted with guests (who included Christy Turlington, Ed Burns and former-Gov. George Pataki).

Teen-aged children mean Mr. Dubin—who grew up in Washington Heights and frequented Fort Tryon Park as a boy—is spending less time at his country house these days, he told guests, and more time in the park. Though Mr. Dubin seemed partial to venerable Central Park, his track record as a philanthropist—Mr. Dubin was a founding board member of the Robin Hood Foundation, and more recently, the Eva and Glenn Dubin Breast Care Center at Mt. Sinai Hospital—and environmentalist instincts made him an apt honoree.

"You're looking for someone who can raise money, yes, but also someone whose ethos matches what the organization is trying to accomplish," said Michael Novogratz, a principal at Fortress Investment Group and Hudson River Park Trust board member. Mr. Dubin's stature on Wall Street helped bring fresh faces to the sold-out event, said FOHRP executive director A.J. Pietrantone, and the organization treated guests to cameos by park users. Intrepid members of New York Kayak Water Polo staged an exhibition off Pier 26 during the cocktail hour, and CBS This Morning co-anchor Gayle King—who hosted the festivities—was escorted onto the stage by a parade of dog-walkers. Mr. Durst entered by bicycle. "We wanted to give our guests the sense of fun and exploration that's at the heart of what Hudson River Park is all about," Mr. Pietrantone said.

The event raised $1.6 million towards the park's operating fund. Guests gossiped that a generous donor had made a $50 million pledge, but Mr. Pietrantone said that the organization hadn't received a gift at that level.

The leather man dropped $17 million on an East 70th Street townhouse back in September, but it was just two weeks ago that he put his old house on the market—so the news of a signed contract came quickly, considering the state of the townhouse market.

Why the delay in selling the old place? When Mr. Krakoff purchased his new 30-foot-wide townhouse on East 70th Street, between Park and Lexington avenues—the same tony block that director Woody Allen now calls home—it was reported that the fashion executive would have about $2.5 million in renovations in front of him.

But that’s nothing for Mr. Krakoff, who renovated the East 61st Street home a few years back with the help of “an army of French craftsmen,” according to the listing on the Brown Harris Stevens Web site. The house has a double-height living room with a 26-foot glass wall, as well as a master-suite floor, a second master suite with a terrace, and a loft space on top. Other features include Louis XVI parquet flooring (that’s imported from France), a Meljac lighting system (complete with dimmable toggle switches) and a Macassar ebony powder room.

Then, after the drastic overhaul, the renovation got some nice publicity: Vogue and House & Garden showed up at the imposing front door, and interior shots of the French army’s work ended up in several glossy-magazine spreads.

Paula Del Nunzio and Shirley A. Mueller, of Brown Harris Stevens, are the listing brokers. Ms. Del Nunzio declined to comment. Mr. Krakoff did not return calls for comment.

Democratic Moneybags Wants $20 M. for ‘Money Pit’ Co-op

Democratic fund-raising powerhouse Connie Milstein has put her apartment at 770 Park Avenue on the market.

And while the move isn’t much of a surprise—she recently passed muster with the tough co-op board at 998 Fifth Avenue—the price tag of $20 million is news.

When the New York Post called 770 the “biggest Democratic presidential money pit in the city,” they weren’t talking about what shape the apartments were in.

Located on the 16th and 17th floors, Ms. Milstein’s apartment includes five bedrooms and six baths. There is approximately 5,000 square feet of interior space, not to mention two terraces with open city views.

In fact, the Post was referring to the whole building—one of the city’s biggest addresses when contributions to Democrats are tracked by address. The building is home to Democratic donors such as New Line Cinema chief Michael Lynne and Chase Manhattan executive Marlene Hess.

But it’s also home to at least one prominent Republican: New York Senate hopeful Kathleen Troia (K.T.) McFarland.

If she wins the primary against former Yonkers Mayor John Spencer, Ms. McFarland can expect cold shoulders in the elevator when she begins her attack on Democratic rival Hillary Clinton—a favorite of the remaining Big Donkeys of 770 Park.

Rebecca Steindecker, of Prudential Douglas Elliman, has the listing. Ms. Steindecker did not return calls for comment.

Hedge-Funder Waits Out Construction at De Niro’s

How do the super-rich wait out hefty construction projects? Why, you hide out in a simple rental, of course. Or maybe not so simple.

After hedge-fund manager Michael Novogratz bought Robert De Niro’s Hudson Street triplex for $12.25 million, he added further to his luxurious Tribeca lair by dropping $5.3 million on a unit just below. Then he filed interior demolition plans with the Department of Buildings—giving neighbors the idea that a gut renovation was in the works.

So while the combined $17.55 million apartment takes shape in Tribeca, Mr. Novogratz has just rented a 5,000-square-foot loft in the meatpacking district for $33,000 a month, according to a source with knowledge of the deal. (That’s a rental record for the trendy neighborhood.)

The temporary residence for Mr. Novogratz—whose Fortress Investment Group owns Michael Jackson’s growing debt—is certainly not a step down.

The West 14th Street apartment has four bedrooms, three baths and a maid’s room. It also includes a state-of-the-art kitchen, workout room and media room.

Bill Kowalczuk, of the Corcoran Group, was the listing broker on the rental. Mr. Kowalczuk declined to comment. Mr. Novogratz did not return calls for comment.

Upper Deck Chief Lowers Price, Again

For Upper Deck chief Richard McWilliam, flipping a 9,500-square-foot apartment isn’t as easy as swapping a rookie Bucky Dent.

The sports-trading-card executive has just reduced the price of his Ritz-Carlton condo for the third time since last October: Now the huge apartment is available for $29.5 million.

Of course, that’s still almost $9 million more than Mr. McWilliam paid for the full-floor spread in August 2004. So if he gets close to asking, Mr. McWilliam will still turn a profit (although it’s decreasing every few months).

Located on the 23rd floor of 50 Central Park South, the apartment has five bedrooms and seven and a half bathrooms, and also includes a double living room, library, study and breakfast room. And the views from two terraces overlooking Central Park are supposed to be fantastic.

Although Mr. McWilliam hasn’t had much luck yet, he can take solace in the fact that a couple of high-priced units recently moved in the building.

Earlier this year, a 4,729-square-foot apartment on the 33rd floor—which formerly belonged to embattled Tyco executive Mark Swartz—sold for $16.75 million. And right upstairs, the duplex penthouse—owned by Oracle’s “principal architect,” Roger Bamford—sold for close to $20 million to investor Andrew Barron Worden.

Heide Mamouris, of Prudential Douglas Elliman, is the listing broker for Mr. McWilliam’s apartment. Ms. Mamouris did not return calls for comment.

Fashion scion and Saturday Night Live producer Marci Klein is reportedly moving into an 11th-floor unit, purchased through a trust that included entertainment tycoon David Geffen.

One floor below, ritzy hotelier André Balazs is selling his 3,800-square-foot place for $10 million. And on the ninth floor—directly below Mr. Balazs—there’s an apartment with a $9.15 million price tag.

Now three top Corcoran Group brokers are trying to sell the ninth- and 10th-floor spreads together as a giant $19.15 million duplex.

Measuring over 8,100 square feet, the luxurious duplex would be one of the largest apartments ever offered downtown—although it’s still trumped by Rupert Murdoch’s former Soho triplex, at 9,300 square feet, which was scooped up by designer Elie Tahari.

“It’s hard to find that sort of space in a full-service building downtown,” said broker Robby Browne, who is listing the 10th-floor apartment with his colleague Wilbur Gonzalez. Deborah Grubman—who coincidentally was Mr. Murdoch’s broker—has been listing the ninth-floor apartment.

Located in a full-service building, the combined unit includes seven bedrooms and six and a half baths. Also, it’s just a few floors above the former home of film mogul Harvey Weinstein. (Last year, Mr. Weinstein moved to the nearby Spring Street building that also shelters talk-show host Kelly Ripa and Gawker Media chief Nick Denton.)

Though the two are selling together, there are two different sellers, which could complicate things.

“I think the person buying would have to bid separately on each one,” said Mr. Browne. “You would have to make separate offers.”

Mr. Balazs did not return calls for comment.

De Niro Buyer Expands for $5.3 Million

For hedge-fund manager Michael Novogratz, simply owning a Tribeca triplex was apparently not enough. Mr. Novogratz, who last year dropped $12.25 million on Robert De Niro’s Hudson Street spread, has just purchased the unit directly beneath it for $5.3 million, according to deed-transfer records.

Since buying Mr. De Niro’s previous 4,600-square-foot loft, Mr. Novogratz has kept busy with some renovating—including an interior demolition, along with architectural and plumbing work, according to the Department of Buildings.

Perhaps best known as Michael Jackson’s creditor, Mr. Novogratz’s firm—Fortress Investment Group—purchased the Bahrain-residing pop star’s $270 million debt. (Mr. Jackson’s share of the Beatles catalog served as collateral.) Last April, a new deal was made, with Mr. Jackson’s debt now up to $320 million.

And while Mr. Novogratz’s lavish Tribeca setup may seem quite idyllic, he’s also involved in an actual real-estate utopia—as part of the boldface-name consortium that purchased a 2,000-acre tract of land in the Dominican Republic. There, Mr. Novogratz is joined by Newsweek International editor Fareed Zakaria, musician and society truffle-pig Moby, talk-show host Charlie Rose and fashion scion Alex von Furstenberg.

Mr. Novogratz did not return calls for comment.

Lapham’s former Salon Costs $12.9 M. now

The East 72nd Street apartment previously owned by Harper’s Magazine editor emeritus Lewis Lapham is on the market for $12.9 million, according to a source with knowledge of the listing.

The 4,000-square-foot apartment is located in an exclusive Upper East Side co-op at the corner of Madison Avenue.

Inside the apartment are three bedrooms, four baths and three maid’s rooms. The living room and dining room face out onto Madison Avenue, according to a source, and there is one wood-burning fireplace too.

Investor Ottavio F. Biondi—who goes by “Frank” but is no relation to the former Universal and Viacom chief—purchased the apartment for $5.5 million in June 2002. It had previously been bought by Mr. Lapham for $1.6 million about nine years earlier, according to a source.

Built in 1936-37 by John Thomas Smith of General Motors, the 17-story Art Moderne building was designed by renowned architects Rosario Candela and Mott B. Schmidt. In addition, C. Paul Jennewein created a decorative marble relief of various animals above the entrance.

Over the years, the limestone building has been home to many notable individuals, including Florida Marlins owner Jeffrey Loria, George and Carol McFadden, D. Dixon Boardman and Joseph Cullman III, the late Philip Morris chief.

Former President Richard Nixon famously entertained the idea of buying the sprawling nine-room penthouse in the late 1970’s; however, the possibility of rejection by the co-op board—due to increased security concerns—gave the disgraced ex-President second thoughts.

Brokers Melissa Ryan Kaiser and Laurie Silverman, of Stribling and Associates, have the listing.

Ms. Kaiser declined to comment. Mr. Biondi didn’t respond to requests for comment. Mr. Lapham also didn’t respond to requests for comment.

Fashion scion and Saturday Night Live producer Marci Klein is reportedly moving into an 11th-floor unit, purchased through a trust that included entertainment tycoon David Geffen.

One floor below, ritzy hotelier André Balazs is selling his 3,800-square-foot place for $10 million. And on the ninth floor—directly below Mr. Balazs—there’s an apartment with a $9.15 million price tag.

Now three top Corcoran Group brokers are trying to sell the ninth- and 10th-floor spreads together as a giant $19.15 million duplex.

Measuring over 8,100 square feet, the luxurious duplex would be one of the largest apartments ever offered downtown—although it’s still trumped by Rupert Murdoch’s former Soho triplex, at 9,300 square feet, which was scooped up by designer Elie Tahari.

“It’s hard to find that sort of space in a full-service building downtown,” said broker Robby Browne, who is listing the 10th-floor apartment with his colleague Wilbur Gonzalez. Deborah Grubman—who coincidentally was Mr. Murdoch’s broker—has been listing the ninth-floor apartment.

Located in a full-service building, the combined unit includes seven bedrooms and six and a half baths. Also, it’s just a few floors above the former home of film mogul Harvey Weinstein. (Last year, Mr. Weinstein moved to the nearby Spring Street building that also shelters talk-show host Kelly Ripa and Gawker Media chief Nick Denton.)

Though the two are selling together, there are two different sellers, which could complicate things.

“I think the person buying would have to bid separately on each one,” said Mr. Browne. “You would have to make separate offers.”

Mr. Balazs did not return calls for comment.

De Niro Buyer Expands for $5.3 Million

For hedge-fund manager Michael Novogratz, simply owning a Tribeca triplex was apparently not enough. Mr. Novogratz, who last year dropped $12.25 million on Robert De Niro’s Hudson Street spread, has just purchased the unit directly beneath it for $5.3 million, according to deed-transfer records.

Since buying Mr. De Niro’s previous 4,600-square-foot loft, Mr. Novogratz has kept busy with some renovating—including an interior demolition, along with architectural and plumbing work, according to the Department of Buildings.

Perhaps best known as Michael Jackson’s creditor, Mr. Novogratz’s firm—Fortress Investment Group—purchased the Bahrain-residing pop star’s $270 million debt. (Mr. Jackson’s share of the Beatles catalog served as collateral.) Last April, a new deal was made, with Mr. Jackson’s debt now up to $320 million.

And while Mr. Novogratz’s lavish Tribeca setup may seem quite idyllic, he’s also involved in an actual real-estate utopia—as part of the boldface-name consortium that purchased a 2,000-acre tract of land in the Dominican Republic. There, Mr. Novogratz is joined by Newsweek International editor Fareed Zakaria, musician and society truffle-pig Moby, talk-show host Charlie Rose and fashion scion Alex von Furstenberg.

Mr. Novogratz did not return calls for comment.

Lapham’s former Salon Costs $12.9 M. now

The East 72nd Street apartment previously owned by Harper’s Magazine editor emeritus Lewis Lapham is on the market for $12.9 million, according to a source with knowledge of the listing.

The 4,000-square-foot apartment is located in an exclusive Upper East Side co-op at the corner of Madison Avenue.

Inside the apartment are three bedrooms, four baths and three maid’s rooms. The living room and dining room face out onto Madison Avenue, according to a source, and there is one wood-burning fireplace too.

Investor Ottavio F. Biondi—who goes by “Frank” but is no relation to the former Universal and Viacom chief—purchased the apartment for $5.5 million in June 2002. It had previously been bought by Mr. Lapham for $1.6 million about nine years earlier, according to a source.

Built in 1936-37 by John Thomas Smith of General Motors, the 17-story Art Moderne building was designed by renowned architects Rosario Candela and Mott B. Schmidt. In addition, C. Paul Jennewein created a decorative marble relief of various animals above the entrance.

Over the years, the limestone building has been home to many notable individuals, including Florida Marlins owner Jeffrey Loria, George and Carol McFadden, D. Dixon Boardman and Joseph Cullman III, the late Philip Morris chief.

Former President Richard Nixon famously entertained the idea of buying the sprawling nine-room penthouse in the late 1970’s; however, the possibility of rejection by the co-op board—due to increased security concerns—gave the disgraced ex-President second thoughts.

Brokers Melissa Ryan Kaiser and Laurie Silverman, of Stribling and Associates, have the listing.

Ms. Kaiser declined to comment. Mr. Biondi didn’t respond to requests for comment. Mr. Lapham also didn’t respond to requests for comment.