When a partner at a gargantuan hedge fund puts his triplex back on the market only nine months after buying the four-bedroom, three-fireplace, 4,005-square-foot sprawl, one assumes there’s some financial shakiness in his life.
But it’s like a throwback to the pre-recession era, that wonderfully cozy and bourgeois age, to hear that Jeffrey and Patricia Patterson are flipping the Upper East Side apartment they bought for $9.9 million last June simply because their daughter just got into a West Side school.
“I know this is crazy-lady-buys-house-and-changes-her-mind-a-year-later, but that’s O.K.,” Ms. Patterson said on Monday from the Bahamas, returning a call placed to her husband’s office at Glenview Capital, which, like most multibillion-dollar hedge funds, has made headlines for its recent losses.
The family’s triplex, in a limestone mansion at 15 East 82nd Street, came on the market last week for $12 million with Brown Harris Stevens. “My friends, when they even heard that I was thinking of selling it, they were like, ‘Oh my God. You love that place. You looked for it for so long,’” she said. “But I have the dream of walking my kids to school. And it’s not going to happen in this apartment.”
But aside from their daughter getting into school across town, the couple have a son who’s already attending prep school over there. So, theoretically, couldn’t they have foreseen the problem? “That’s like a hindsight thing,” Ms. Patterson said.
The couple had spent two years looking for real estate before they found the triplex, though one spouse did most of the searching: “He’s only seen three or four apartments, out of the 70 I looked at.” Ms. Patterson was also in charge of redoing the top two floors, though the lowest (with its 6-foot-long wet bar off the living room) hasn’t been fixed up yet. “We were going to renovate the bottom floor,” she explained, “and before we were going to do that, we were like, ‘O.K., we should really do this on the West Side.’”
“She came to me three weeks ago. Literally, I was just getting out of the shower,” Mr. Patterson said in a brief interview. “And she was like, ‘Now that the kids are going to school, I’m thinking of selling the apartment.’ And I was like, ‘O.K.’”
“He is literally the nicest man in the world,” his wife offered. “And I’m very lucky to have him. I run operations. He doesn’t get involved.”
She said the couple spent “a lot of money” on the renovations, and won’t make much, if anything, on the resale. But they’re planning on buying a place of equivalent size on the West Side. “We don’t want to go into anything smaller. We like the space.”