The Observer reported earlier this month that Mayor Michael Bloomberg had paid “around $40 million” for the James Graham & Sons gallery building at 1014 Madison Avenue, which happens to be next-door to the $45 million mansion the Mayor bought last year for his charity.
According to a particularly massive deed filed this morning in public records, the Mayor paid exactly $41 million. That means his future Bloomberg Family Foundation headquarters, renovation costs aside, will have run him $86 million–unless he opts to turn this recent purchase into something else entirely, like, say, command central for Bloomberg ’08.
The purchase was made in the very dull name of 1014 Madison Avenue LLC, whose “Managing Agent” is lawyer Richard DeScherer–Willkie Farr & Gallagher co-chairman, a “longtime friend” of the Mayor’s, and one of his appointees to the city’s Sports Development Corporation.
The seller is the Estate of Edith A. Graham, whose family had owned the building for half a century. “We don’t have all the cases of arms and armor and jewelry, but there’s still a wonderful feeling of importance and classicism when you walk in there,” Graham president and building manager Cameron M. Shay told The Observer.
Ms. Graham’s will, which mentions jewelry before real estate, is reproduced within the 72-page deed. Mr. Bloomberg, sadly, was not willed anything.