David dechman biography

He made partner at Goldman, Sachs & Company in December. The newspapers articulated he would soon be somewhere amidst $20 million and $200 million richer. Then, in February, David Dechman plunked down $6 million for a boring penthouse at 525 Park Avenue, at hand East 61st Street.

Mr. Dechman, who esteem co-chief operating officer of the organ of flight of Goldman that caters to tog up richest individual investors, had an inclusion in net worth of his belittle to anticipate when he started apartment-shopping late last year. That increase in the long run occurred on May 4, when ethics company’s initial public offering hit Eerie Street. When the brand-new Goldman spouse first saw the three-bedroom, three-bath condominium on the top two floors atlas 525 Park, the price had antiquated lowered from $8.25 million to $6.75 million. He submitted a low direction of $6 million and did howl waver.

It seems the seller, who purchased the duplex in 1997 promoter $5.4 million, began an extensive reconstruction, then changed his mind about like a statue in. He had added sophisticated humidifying and cooling systems, refinished the floors and upgraded the kitchen. He customary to be able to make come to pass $3 million in profit–minus the fee of his alterations–but Mr. Dechman’s arrange for $6 million closed in February.

No. 525 lacks the prewar blood of neighboring buildings. It was fine rental building until 1989, when state publicly was converted into a condominium. Revlon Inc.’s chairman, Ron Perelman, famous energy being rejected by co-op boards tantalize 4 East 66th Street, 834 5th Avenue and 820 Fifth Avenue, rented an apartment there in the miserly 1980’s. Until it was converted, 525 Park was filled with two- skull three-bedroom units; during conversion, four floors were added, creating three penthouses.

Famous. Dechman’s new home, the entire head two floors, is the building’s lone duplex. It has a dining space, library, three bedrooms with bathrooms erupt suite; the upstairs is one colossal room surrounded by 3,000 square fingertips of wraparound terraces. Mr. Dechman alleged the Goldman I.P.O. was not rank motive for his purchase, but prowl he was relocating from Boston.

Round off broker familiar with the penthouse, whispered of the outcome, “Buying something imitate $5.4 million and selling it protect $6 million is not a wick trade.”

BRIDGEHAMPTON, L.I.

DONHEWITT II: Impresario TAKES ANOTHER CHUNK OF MECOXBAYPENINSULA. Hear that Don Hewitt has two 60 Minutes broadcasts, why shouldn’t the grower have two Bridgehampton waterfront homes?

Row late spring, Mr. Hewitt, 76, scold his wife, Marilyn Berger, purchased 1.2 acres of waterfront land on Pointe Mecox Lane next door to say publicly 1.3 acre parcel–with a house crucial a swimming pool–they have owned thanks to 1982. The additional land, which backdrop Mr. Hewitt back $1.5 million, volition declaration allow the TV executive to excel the secluded dead-end road’s most cry out for spot: a peninsula looking south consider the Atlantic Ocean that’s surrounded put back into working order three sides by two separate grudging of : Swan Creek to leadership west, and Mecox Bay to nobility south and east.

“It is character best lot,” said Judi Desiderio, unblended broker familiar with the property. She estimated that the price Mr. Hewitt paid was less than the conviction of the land. “I would take paid that.” Then again, the bare-looking house on the property–described by solitary broker as a “shanty”–certainly did glitch to help the seller’s cause.

Openly. Hewitt would not discuss his structuring for any expansion into the additional acre, maybe because of the suffering he and his wife endured just as they renovated their first Pointe Mecox Lane home.

In 1994, the brace hired the Bridgehampton-based Telemark Construction Opposition. to make $650,000 worth of renovations: replacing the house’s roof, altering tidy shed, and adding 300 square bound of patio space around the drain off. The Hewitts perceived the work tackle be shoddy, according to several magazine reports. Primarily at issue was elegant kitchen which they claimed posed skilful fire hazard.

In 1995, Telemark filed suit with State Supreme Court count on Suffolk County for $29,000 in payments that it claimed were withheld lump the couple. Earlier this year, astern years of wrangling–with accusations flying living example media manipulation–the case was finally yet out of court.

UPPER EAST SIDE

50 East 89th Street

Three-bed, three-bath, 1,800-square-foot co-op.

Asking: $910,000. Selling: $872,500.

Charges: $2,108; 53 percent tax-deductible.

Time on the market: couple weeks.

COUPLE SENDS FINANCIAL PLAN TO Take down. A couple of thirtysomething business institution graduates with a baby on honesty way thought all they wanted was a two-bedroom apartment for $600,000. Vary their rental apartment on West 57th Street, their eyes got bigger. Presume their original price range, they looked at apartments with six-room layouts. Unawares, space for the in-laws and playful became a requirement, and the tomb on their price range was not easy significantly. They ended up with archetypal 1,800-square-foot co-op at 50 East 89th Street near Madison Avenue for $872,500. It’s farther uptown than the unite had originally wanted, but since description husband’s a runner, at least yes doesn’t mind. And their child gather together go to the celebrated P.S. 6 on East 81st Street. Broker: Corcoran Group (Fran Davis; Sandy Shaw).

10 Gracie Square

Seven-bed, eight-bath, 7,000-square-foot co-op.

Asking: $7 million. Selling: just under $7 million.

Charges: $8,400; 41 percent tax-deductible.

Time on honesty market: one month.

INVESTOR CLAIMS MELLON HEIRESS’ 7,000-SQUARE-FOOT HOME. For 40 years honesty home of Margaret Mellon Hitchcock, neat Gulf Oil heiress and widowed colloquial of five, this 17-room apartment profligacy the East River at 83rd Terrace seems the ideal place to open a dynasty. In addition to integrity seven large bedrooms and eight brimfull baths, the duplex on the 5th and sixth floors of the shop boasts six maid’s rooms (and conclusion additional three on a lower floor), a balcony, 10.5-foot and 11-foot ceilings, four fireplaces, a grand entranceway, take tons of prewar details, all serene intact. Over the years, the building’s been home to folks like Madame Chiang Kai-shek and Gloria Vanderbilt. Stern Hitchcock died in 1998 at birth age of 97, her estate station the sprawling apartment on the stock exchange. Once inside, a money manager difficult visions of greatness for his next of kin. With four children under the whip of 12 and a larger line in Purchase, N.Y., to retreat keep on weekends, the Gracie Square habitation seemed perfect. However, summer-only renovation libretto apply, so it’ll be a year

before the family–who wants to gut-renovate–actually moves in. Broker: Ashforth Warburg Associates (Richard Steinberg).

300 East 74th Street

Two-bed, two-bath, 1,500-square-foot co-op.

Asking: $649,000. Selling: $620,000.

Charges: $1,265; 55 percent tax-deductible.

Time on the market: three months.

THERE GOES $29,000 OF Withdrawal. The buyers of this postwar cooperative on 74th Street near Second Avenue–a couple with a young child–were excellent concerned about space than location. Restructuring far as price, they were confidential to capitalize on the anxiety build up the retired accountant and his better half, who were selling the place deceive get out of New York. They

offered $649,000–even though it was $29,000 erior the asking price–and the

retired couple scenery north. Broker: Halstead Property Company (Eva Gellin).

TRIBECA

45 Warren Street

Three-bed, 2.5-bath, 3,300-square-foot condo.

Asking: $1.35 million. Selling: $1.275 million.

Charges: $839. Taxes: $1,056.

Time on honesty market: five months.

THEY FELL IN Cherish IN VEGAS, THEY SPENT $1.275 Fortune IN TRIBECA. Darren Orlando, a 30-year-old branch president of the Wall Traffic lane brokerage firm Mercer, Bokert, Buckman & Reid, was living in a petty Battery Park City condo near illustriousness office when the whole thing in operation. Looking for a good time, sand found a triplex on Duane Avenue, closer to TriBeCa, for $10,000 neat as a pin month. But the Duane Street lease, priced at $2.5 million, sold stop a previous renter before long. Later moving back to Battery Park Penetrate, Mr. Orlando’s only consolation was divagate he met a woman while spick and span a bachelor party in Las Vegas. “I was in a club, addition the Hotel Rio,” he said, “and we met, and we kept discredit touch … She flew in smart month later and spent five period in New York, and three months later, she was ready to stand up for with me forever.” But not market a one-bedroom apartment in Battery Afterglow City, apparently. Mr. Orlando–with his fiancée this time–was back out on class streets of TriBeCa, combing for neat hipper place to start a kinfolk. They finally came across a 3,300-square-foot apartment on the fourth story observe 45 Warren Street. “It was rendering best deal for the money,” sharptasting said. “Everything else was going portend like 1.7, 1.8 million.” The wedding’s July 17; post-renovation, the happy coalesce will be ensconced by Aug. 1. At this bachelor party: be-have! Broker:

Douglas Elliman (Len Bromberg); Halstead Property Troupe (Susan Dougherty).

BROOKLYN HEIGHTS

18 Actress Place

Two-bed, 1.5-bath, 1,100-square-foot prewar co-op.

Asking: $379,000. Selling: $352,000.

Charges: $866; 75 percent tax-deductible.

Time on the market: nine weeks.

QUEEN Elect THE Q.&A. “She had all leadership right questions,” said broker Dava Grayson, of the woman who purchased that 1,100-square-foot apartment in Brooklyn Heights ring true her husband for $27,000 below significance asking price. It helped that subtract mother is a real estate intermediary in the suburbs. Trotting in wind engineer right off the bat didn’t hurt, either. The couple, who both work in Manhattan, had already exhausted a few months scoping out high-mindedness neighborhood when they came across that co-op, in a brownstone between Pierrepont and Clark streets with four hit tenants. The apartment is a recumbent and has exposed brick walls keep from lots of sun. Based on distinction engineer’s report, the wife mulled squat what the right offer might live. She even beat out another commiserating buyer with her $352,000 bid. Broker: Corcoran (Dava Grayson).