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Levy, Ehrlich & Petriello www.newark-lawyers.com At Levy, Ehrlich & Petriello, we handle real estate transactions and complex commercial ...
Van de Weghe Sells
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Christophe Van de Weghe, whose Upper East Side and Chelsea galleries are among the leading contemporary ones in Manhattan, recently sold his loft apartment at 77 Mercer Street for $2.8 million. Mr. Van de Weghe, who represents works by artists ranging from Andy Warhol to Gerhard Richter, bought the apartment from art dealer Stellan Holm for $1.6 million in February of 2004.
Six years later, the Belgian-born dealer du jour appears to have made a $1.2 million profit on the 1,947-square-foot, hardwood-floored Soho loft with “soaring ceilings.” The handsome cast-iron store and building between Broome and Spring streets was built and designed by architect Jesse W. Powers in the mid-1870s.
The fourth-floor apartment was dubbed “THE most elegant condominium in Soho!” by a Corcoran rental listing in the building, so it isn’t hard to see why Mr. Van de Weghe garnered such a high price for it. The buyer is an LLC called Real Mercer 77, a limited liability company first registered this past August care of the LLP Withers Bergman.
For Law Firm's New Chief, Challenges Abound
Securitization has had its ups and downs, but Mr. Shenker has helped Sullivan & Cromwell win clients at both ends of the cycle. For example, he was part of the team that helped securitize and sell Rockefeller Center to a real estate investment trust in the mid-1980s, a cutting edge deal at the time.A decade later, when New York’s property market collapsed and Rockefeller Center couldn’t meet its debt obligations, Mr. Shenker helped Goldman’s Whitehall Funds take the Rockefeller REIT private. He later helped broker the sale of the complex to Tishman Speyer in 2001 at a substantial premium.
Perhaps his biggest deal was for his own firm. During the mid-1990s real estate bust, Mr. Shenker encouraged Sullivan and Cromwell to buy its headquarters at 125 Broad Street. Such a major capital purchase is a rarity for law firms, but Mr. Shenker structured a deal in which the building’s bankrupt owner, Olympia & York
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