This season was not a hit for Lewis Frankfort.
Although the CEO of Coach has transformed the stodgy bag maker, turning big profits for his company in recent years, the businessman doesn’t exactly show the same prowess when it comes to his real estate dealings. Mr. Frankfort and his wife, Roberta, have sold their place at the The Olcott, and the deal was not a great fit.
The Frankforts bought the place in 2007 for $4.22 million. They barely turned a profit, selling the place just went for $4.3 million earlier this month, city records show. Factor in moving expenses and broker’s fees, and the Frankforts are almost certainly in the red.
Don’t feel too bad for them, however, as they can retreat to the comfort of their other New York residence: a $15 million dollar apartment at The Beresford. (A taste for fancy real estate runs in the family, as the Frankforts’ son Sam recently purchased a West Village loft for $6.1 million.)
It seems, however, like something big is on the horizon at The Olcott, a prewar rental building converted to condos in 2005. The buyer who purchased the Frankforts’ place concealed their identity, purchasing anonymously through “Team Properties, LLC.“
The same entity snatched up two other apartments in the building: one directly above the Frankforts’ place for $5.22 million, and another just next door for $1.22 million. The smaller residence was purchased at the end of the summer, but the lager two units both sold on October 6th, according city records. Is there a giant conversion in the Olcott’s future, perhaps? Moreover, all three properties appear to be unlisted, suggesting that the sales were an inside deal.
So get those earplugs ready, Olcott residents! It looks like there may be some serious construction in your future!