Congrats! Lehman's Ex-Mortgage Banking Chief Nabs 10-Room Condo for $5.25 M.
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Manhattan Transfers
Capitalism is a cruel, cruel thing. According to city records filed today, Kurt A. Locher, formerly a Lehman Brothers managing director and the head of its mortgage banking, bought a $5.25 million apartment at 500 West End Avenue.
According to a listing, the five-bedroom apartment was "one of the largest and grandest homes on the market on the Upper West Side," with a formal dining room, a maid's room, a living room, a library, and a windowed, eat-in chef's kitchen "large enough to serve a growing family or entertain like a professional!"
Mr. Locher reportedly left earlier this year for Lehman's billion-dollar hedge fund, One William Street Capital, which was founded with something called a "heavy distressed focus." According to a report, they trade "collateralized debt obligations, asset-backed securities and non-performing loans." Sounds lucrative!
Mr. Locher, whose old place on Park Avenue is still on the market, closed on Sept. 26, which means he made the purchase knowing his old firm had tanked. According to city records, he took out a $3,225,000 mortgage.
16 Park Avenue
"On the corner of Park Avenue & 35th Street, in the heart of Murray Hill... " More details |
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I hope he chokes on the payments and winds up on the street!
I wonder how he sleep at night
This character sleeps just fine, he is a prime example of the American capitalist system.
A master of the universe who deserves his WEA apt. and much more. More than likely he has a home in the South of France, the Caribbean and on Eastern L.I. His children have condo's in the towns where they attend school. He is a hard worker I'm sure and treats his servants well. They will get $50 for Xmas gift.
This is the biggest crock........they should all go to prison!
LEAVE HIM ALONE! he is doing nothing wrong!! you all are sick people with nothing better to do. It says he didnt even work for lehman when it crashed so how is he in the wrong? leave him alone.
Locher is the former managing director of Lehman's mortgage division. It was the bad mortgages that got us all into this mess -- that's what he did wrong.
It really sucks that the people who will be screwed by this are the people who were financially prudent. The banking execs get their bailout and the people with ARMS they can't afford get them renegotiated. But those who bought what they could afford will continue to pay for their mortgages and pay extra taxes for the bailout and mortgage renegotiations.
Good guys do finish last.
I agree Cosmo! I invest and was waiting for prices to come down, or my investments to make enough money that I would have a good Down payment, and then buy a house. If I had just taken out an ARM and screwed up I would have a house now, and a bailout! Now I have no house and barely any money! Good thing I was responsible!
Get a life! It's Paulsen who's the the (*&&^*% who really screwed up the financial markets and who should be taken to task for the mess he's created around the world.
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