Thanks, Pops! Super-Wealthy Scions Buoy Luxury Market

Call up a posh uptown broker, the kind who actually rides to appointments in a chauffeured sedan, and ask how she’s coping with this financial trudge. She’s likely to pause thoughtfully, let out a polite but exasperated little sigh, and say that one can’t ever tell for sure what will happen, can one? Then comes a longer pause and she’ll tell you, with that slight Southern twang brokers all use, that it’s surely comforting there’s still one group of buyers willing to make awfully serious New York deals at this awfully uncertain time.

That group is not the massively wealthy; it’s the children of the massively wealthy.

According to city records, Sheridan Mitchell Lorenz, whose father, the Texas natural-gas mogul George P. Mitchell, is currently ranked by Forbes as No. 349 on the list of the world’s billionaires, just bought a condo at 50 Orchard Street for $1.4 million. It’s bad news for anyone paranoid about the Lower East Side turning into an enclave for the children of out-of-state billionaires, though Ms. Mitchell Lorenz at least deserves points for the unit’s quaintness. According to floor plans, the Orchard Street condo has 1,268 square feet; two 12-foot-wide bedrooms; a 19-by-16 living/dining room; an open kitchen; two bathrooms; and a walk-in-closet.

She’s not the only daughter of an octogenarian billionaire with new Manhattan real estate. According to a deed filed earlier this month for a deal that closed in August, Alice R. Gottesman, whose father is the investor David Gottesman (No. 428, though he sits on the Berkshire Hathaway board with No. 1 Warren Buffett and No. 3 Bill Gates), spent $6,957,917 on two neighboring co-op units at 118 West 79th Street.

But Roy Judelson, whose father, David Judelson, co-founded Gulf & Western in 1956 and the biotechnology company Biopure decades later, has a bigger apartment. He and his wife paid $10.5 million this month for an 11-room, four-bedroom, 3,950-square-foot co-op at 33 East 70th Street. Four years ago, the elder Mr. Judelson was listed with his daughter-in-law and son, an ex-television agent who now a runs a business specializing in digitized building blueprints, on their deed for a $7,375,000 townhouse; this time around they’re alone. According to a source, that townhouse could be selling to the child of an “extremely, extremely well-known” financier.

mabelson@observer.com

Thanks, Pops! Super-Wealthy Scions Buoy Luxury Market