greed

Ex-Lehman Exec Splurges On A New Home

Filed under: Estates

I'd usually save a piece like this for the Sunday Real Estate Round-Up but I'm a bit fascinated by New York real estate greed this week. The New York Observer's Manhattan Transfers column reports that Kurt A. Locher, formerly a Lehman Brothers managing director and the head of its mortgage banking, isn't trading down in these tough times, he's trading up to a more expensive apartment. He recently bought a $5.25 million apartment at 500 West End Avenue. The five-bedroom apartment includes a formal dining room, a maid's room, a living room, a library, and a windowed, eat-in chef's kitchen. It makes Mr. Locher's old place on Park Avenue and listed with Prudential Douglas Elliman, is on the market for $2.495 million look small by comparison.

Gallery: Lehman Exec's Park Avenue Pad