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Brown Harris Stevens
The view from Apartment 8W at 907 Fifth Avenue, a view that Huguette Clark gave up for the last 20 years of her life. The 5,000-square-foot apartment could still be yours for $19 million.
NEW YORK — The prime minister of the Persian Gulf nation of Qatar was rebuffed this weekend in his attempt to spend $31.5 million for two of the New York co-op apartments of the reclusive heiress Huguette Clark.
A person familiar with the decision said the co-op's board declined to grant the sheikh an interview, concerned primarily that the quiet character of the elegant building would change with the security demands of a foreign leader. He would be replacing, after all, a woman who was the world's quietest neighbor, having lived the last 20 years of her life in New York hospitals.
Huguette Marcelle Clark, the heir to a Montana copper fortune, has been the subject of a series of reports on msnbc.com about her vacant properties and the management of her fortune. When she died last May at age 104, her properties included three apartments at 907 Fifth Avenue, at East 72nd Street, overlooking Central Park's Conservatory Water, near the statue of Alice in Wonderland.
Karim Jaafar / AFP-Getty Images
The prime minister and foreign minister of Qatar, Sheikh Hamad bin Jassim bin Jaber Al Thani, photographed in 2006. He was rebuffed in his effort to buy the New York apartments of the late reclusive heiress Huguette Clark.
The Qatari prime minister, Sheikh Hamad bin Jassim bin Jaber Al Thani, was selected by the Clark estate after an auction, offering $31.5 million for Clark's two apartments on the 8th floor, a total of 10,000 square feet. That's half a million dollars more than the asking price. Hamad, who reportedly has two wives and 15 children, owns one of the largest yachts in the world, the 133-meter al-Miqab, which cost several hundred million dollars.
Clark's third apartment, on the top floor, the 12th, found a buyer soon after it was listed, at or near the asking price of $24 million. The buyer is Boaz Weinstein, the well-known hedge fund manager and derivatives trader, formerly of Deutsche Bank and now with Saba Capital Management LP. He has signed a contract and is awaiting an interview with the co-op board.
The three apartments combined cost Clark (and her estate) $28,500 a month in co-op fees, or $342,000 a year.
The Qatari had not made the highest bid for the 8th floor apartments. He offered $31.5 million, less than the top bid of $33 million, according to a person familiar with the auction. The other bidders were the founder of a private-equity firm and the founder of a hedge-fund firm. It wasn't clear why the estate chose the lower bid.
But the auction became moot after the co-op's board changed its mind, deciding not to allow the two apartments on the 8th floor to be joined into one. Even though the apartments had been listed separately, the estate had accepted bids only for the two together, after the co-op board had signaled that it would look favorably on a combination. But the board changed its mind after the auction, and the board declined to grant an interview to the Qatari, even if he were to purchase only one of the two apartments. Besides the security issues, the board was concerned about the disruption of construction, as well as the long-term imbalance of having a single owner with so large a share of the building. The Qatari had also let it be known that he was willing to pay top dollar for other apartments in the building for staff and relatives.
Hamad is not only the prime minister but also the foreign minister of the emirate, and is the cousin of the emir, the country's hereditary ruling leader, Sheikh Hamad bin Khalifa Al Thani, who owns a house just down the block and across 72nd Street, between Fifth Avenue and Madison Avenue.
Bill Dedman / msnbc.com
A winter view of 907 Fifth Avenue in New York City, at 72nd Street on the east side of Central Park. The taxis in this view are headed east on 72nd, leaving the park.
Now the real estate brokers must start over. Perhaps one of the other bidders will want to purchase only the $19 million apartment 8W, facing Central Park, or the $12 million apartment 8E. The apartments are said to need a lot of work, and the kitchens date from before World War II.
The brokers from Brown Harris Stevens declined to comment, as did the attorney for the public administrator of New York County, who is executor of the estate. Proceeds of the sale will help pay estate expenses, with the remainder held for the winner of the court battle over the $400 million estate of Clark, who left two wills, one favoring her family and the other favoring her nurse, attorney, accountant and a public museum to be established in her oceanfront $100 million home in Santa Barbara, Calif.
Her country estate in New Canaan, Conn., has been marked down to $17 million from its original price of $23 million.
The New York Observer reported earlier Monday that the co-op board rejected a bid from an unknown buyer.
Floor plans for the three apartments are available in our previous story.
The full story
More on the Huguette Clark mystery is at http://clark.msnbc.com/.
Do you have information on the Clark family?
Reporter Bill Dedman is writing a nonfiction book about the Clark family. If you have information, you can reach him at bill.dedman@msnbc.com.
Rahul Kadakia of Christie's Auction House displays jewels discovered in heiress Huguette Clark's safe deposit box, including a pink 9-carat diamond ring.
Leave a Comment:
I can't blame the coop board for not wanting the headaches of having a senior foreign official living in the building, particularly not one from a muslim country who would need heavy security. The peaceful building would start to look like an armed camp instead of an ultra-luxury residential building.
Next will be Charlie Chan that holds all US debt-what then?
"...the board was concerned about the disruption of construction..." So I guess they don't expect ANYONE to do a little re-modeling, after all, "the kitchens date from before World War II." Sure, I'll spend $12,000,000 plus on an apartment and live with the 70 year old kitchen.
Uh-huh, I truly believe that's actually one of their reasons...and they've got a bridge for sale right nearby in Brooklyn too. Maybe I can get a package deal, so long as I don't do any construction on the bridge!
it would be a NIGHTMARE having him as a neighbor!!!
And who needs a herd of children in that setting? Na, he's better of in his country or a house by himself.
Ahhhhh. Too bad little rich people trying to get away from the world.
Only United States citizens should be allowed to purchase real estate in the U.S.
Poorboy, perhaps you've forgotten the Declaration of Independence ("all men are created equal") and the U.S. Constitution ("equal protection of the laws" for "any person.")
Bill Dedman - Declaration of Independence ("all men are created equal") and the U.S. Constitution ("equal protection of the laws" for "any person.")
Does that only go for heterosexuals?
Bill Dedman - I don't hold a PhD in U.S. Constitutional History or Law, however by the most simplistic "method" of reason and common sense, it sure 'seems to me' that the "U.S. Constitution", and the "U.S. Declaration of Independence" was written for the due diligence and protection of the "United States of America" and its citizens, and not the "United Arab Emirates" - when does the "co-mingling" end under the "laws" of the US Congress and 'supporters' like you to provide political favors in such extreme ways.
"Un-Constitutional", I say, but that might be too much "common sense" in deference to the U.S. Constitution as it is meant to be.
P.S. This comment may not make the list since you are and MSNBC 'moderator' ?? i.e. censor ??
Thanks for your comment, Rampant_etc.
If you're against "co-mingling," by which you seem to mean in this case people of different nationalities living in the same building (gasp!), well, good luck to you in the 21st Century!
Equal Protection and Equal Rights aren't the same thing... I think Poorboy poorly references that he believes we should mimic Mexico; that only citizens of the country may own land in our borders.
If that's your opinion, ok PB.
Me... Not so sure, however a clause that declared your real property is forfeit if you are convicted of a Felony in the U.S., I couldn't argue with that. If you aren't a citizen, it might be a good means of keeping someone on the right side of the law.
I would include knowingly being in the country illegally as a felony that could get your property seized, if that were the case.
Bill Dedman - This has NOTHING to do with constitutionality. It has to do with REAL ESTATE!!! I do not believe the framers of the Constitution were thinking about REAL ESTATE when they wrote this for UNITED STATES CITIZENS. What were you thinking? Because someone buys US real estate they become US citizens??? REALLY?
If I had that much money to buy property I can afford to be a little choosy about who my neighbors are. Just ask Donald Trump.
Tool little too late Poor...Japan already owns 60% of Manahattan..
What about legal immigrants like Doctors, Businessmen(Sergey Brin, founder of Google was born in Russia) and corporations like Shell Oil and Nestle, Toyota etc? Should they be limited to renting?
constitution protects non-citizens as well in fact it states that the state shall not deprive "property"......
14th ammendment:
"nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal
protection of the laws."
nice try poorboy.
Do you think then that US Citizens should not buy property in other countries?
don't forget us corporations..... coke, pepsi, ford, you name it. we're all over the place.
And don't forget that one of the major owners affected by the 9/11 attack that the right-wing inserts into every argument was Deutsche Bank.
In the comment above, the guy says only US citizens should be able to buy property in the US. Then, people start jumping to conclusions - in particular, the investigative journalist - about covert racism. Just goes to show that some people need to slow down and read what people are actually posting. Not clear? Ask a question.
Question for any of you: how many of you can buy any type of property in Qatar? The answer is...none of you, unless you are a natural-born Qatari and are still a Qatari citizen. There are MANY other countries out there like that, too. People getting bent out of shape because someone says "Only US citizens should own property here" should redirect their animosity toward other countries where we can't buy property.
That's the deal in Thailand. Only Thai citizens can buy property (land) in Thailand. Foreigners can only buy condominiums and then only if 49% or less of the condos are owned by foreigners! Clear xenophobia but those are their rules. So maybe we should consider that while some may not think just anyone can buy property, it is more fair than working and paying taxes in a country that doesn't allow you to own real property.
Who really cares.........Qu'ils mangent de la brioche.
Pete, Colorado-301015, your comment was removed. You raised a good point, and then fouled it up with racist name-calling. Feel free to try again.
Bill, it looks like this is going to be a tough piece of real estate to unload. The board members must be real stoagie and why are the monthly fees so high? They must be collecting around a 100K a month, just how much does a doorman and a cleaning crew cost in NY? It's a musty 100 year old building for crying out loud, why would anyone pay that kind of money to live there? The cost of the unit is not so bad but then turn around and pay 5 to 6K a month in HOA fees? More money than sense.
Call me crazy, but the building is operated by a coop, and they can reject or accept whomever they wish. I believe the concept is to keep the place the way the majority of the occupants prefer it. I'm guessing the majority did not prefer the security, politics and rudeness that would insue.
Call me crazy, but I suspect that the court is going to step in and say that the state's interest in settling the estate, at its best and highest value, trumps any rights of the coop board and issues an order FORCING the board to accept the new owners.
Good now sell them to an American who will really appreciate it!
This Sheik guy wasn't going to buy it because he liked it or appreciated it,he was trying to buy it just to show off, and just because!Just another Bauble added to his Collection!
What an interesting glimpse into his mindset and motives behind the purchase! How much time have you spent with the Sheik? You are obviously privy to his needs and desires. Please tell us more! It isn't often that we have a Newsviner who is so well connected! Does he like crunchy peanut butter or creamy?
Yeah Bill, you tell us all about that when the day comes that everyone owns America except Americans.
It already happened twice - poorboy. Where have you been?
The america belonged to the native americans and they don't own it any longer.
The texas and AZ belonged to Mexico and they are not happy to be illegals here.
And finally - B. Hussein Oh my god bama!! What is happening to the "Original" "American" culture - if there was one??
PJ,
Pray, tell us which "Original" American culture you refer to:
The North American natives, the Aztecs, the Mayans or the Incans. Or perhaps you refer to the Spanish, or the Catholic French, or the Protestant French, or the English, or the Scottish, or the Welsh, or the Irish, or the Dutch, or the Germans, or the Italians, or the Jews, or the Scandinavians or the Blacks (imported as a mileau of different cultures across sub-Sharan Africa). Or maybe you just miss the world of Ward and June Cleaver.
You mean like now, since the real Americans are Native Americans....don't think they are getting a cut of any of this...hmmmmmm.......
The culture you naive twits
@Bill - I made the same point in my post. Culture evolves. There is never an "original" culture.
Sure why not let him turn it into his own little country right in the middle of NYC. Just think of all the family members and nurses, butlers, maids, cousins and not to mention his many wives that would add to the ambience of NYC. Since when did it become legal to have more than one wife in the United States? If he or any of his family has American citizenship it should be revoked! Our four fathers would never have allowed a leader from another country live in the United States and not abide by our laws. One of these days we are going to realize American's don't own enough land to call it America any longer. I believe there is a law against foreign governments from buying land in America that should also include its people.
And don't forget, all of those "staff" personnel who will undoubtedly give birth to babies whom will automatically be bequeathed American citizenship just like the ILLEGAL IMMIGRANTS who deliberately, and knowingly, abuse that clause when they sneak in to this country comfortable in the knowledge that the libs will advocate on their behalf.
@con...you have "four"fathers? If so whats wrong with four wives? joking.I am american and own property in europe as did my parents and I have plenty of european friends who own property in the US.As for allowing a person with two wives and fifteen kids into the building I think the co_op was right.. not because he was foreign or a muslim.There is a lot of simpleminded hatred here...go get yourself a passport and see the world.you need this.
lynda....I'm not sure I'd call it simpleminded hatred on cons part, ...... simpleminded dribble maybe, and missed medications is my guess.
As for some of the other comments made by people about security, staff, etc., how long do ppl think this guy's gonna spend in that apt in a given year? A week or two maybe? If I were a resident of the building, I could put up with it if I already had to put up with other people's lil yappy ankle biter dogs and pretentious attitudes all year. I think it'd be funny if he just bought the whole building lol
And just think, if we weren't all driving fossil fuel burning vehicles and making all of these Middle Eastern potentates rich, this kind of thing wouldn't be happening.
If this was an Austrian prince or Prince of Wales, I am sure that the building would have welcomed the new neighbor and the "noise". Lol.... Thinking a little more, not so smart rich people probably live in the building. because these rich guys gave an opportunity to get richer. Just imagine all those contacts and deals that could be made with having the Qatari Royal as your neighbor. Bad short sighted deal. I would have traded some noise anytime for a couple of oil wells...
I think you are wrong. I don't think they'd want Prince William and Duchess Kate anymore than they would want the other guy. It would still create all the hassels. You just want the money. Not everyone lets money rule every aspect of their lives or opinions the espouse.
Yes, being rich would be lovely, but it wouldn't change my mind.
befuddledp - Prince William is not the Prince of Wales. His father, Prince Charles, is. Nevertheless, the paparazzi would be constantly waiting outside the building. No one, rich or poor, would want to have to deal with that all the time.
scales67,
So a rich derivatives trader (remember what derivatives are and what their market did to the world economy) is so much better?
Did the Estate prefer the sometime resident Sheik to the constantly imbedded corrupt Hedge Fund Manager? Mystery solved on the low bid? Not a bad decision, if you ask me. Ah well, the co-op clearly knows better than I.....
btw, I suddenly started wanting to buy an apartment in New York.
This product has been around for years. It is safe and healthy for human consumption. If people would learn to investigate and think for themselves this country would not be in such bad shape. The USDA inspects these plants and has for years. This beef is not laced with hazardous chemicals. It is made from trimmings that otherwise would be thrown away, thus wasting food that I am sure starving people would love to have. The trimmings are processed in a centrifuge that separates the fat from the beef. It is practically 100% lean beef. All of us have been eating this for years, that is if you eat ground beef. It is a damn shame that the media in it's quest to demonize an industry has destroyed the lives of those 650 people who no longer have a job. Before you jump on the bandwagon, you better hope that your employer is never targeted by the liberal media or you may find yourself struggling to save your home and support your family.
How the heck does your rant relate to this story? The answer is, it doesn't.
Dang, I hate myself. I accidentally hit the like button while trying to report you for being inflammatory and irrelevant.
BTW, "trimmings that would otherwise be thrown away?" I have a friend that worked in a meat packing plant and I know all about those "trimmings." They swept them up off the floor. I'm sorry if you lost your job, I'm not belittling your problems. I would have ignored you if you hadn't tried to make it political.
Now back to the subject at hand, which has nothing to do with meat, although the Sheik looks like he could afford to lose a few lbs..
"Our four fathers would never have allowed a leader from another country live in the United States and not abide by our laws.
Which 4 fathers would that be? The one's that couldn't read or write? Oh, wait, they could read and write. Now I'm confused by all the ambiance...
Um Zorro honey,that's not four fathers or 4 fathers,that's fore fathers!
See we didn't have 4 fathers or four fathers but lots of fathers,known as fore fathers!
Got it?
Zorro was quoting, as indicated by those quotation marks, from user Confussed-1578043.
Zorro and gloria fabiaschi - you are both wrong. It's forefathers...one word.
Ta-Da, Scales67. You get the gold star in Spelling Class today.
oops, what happened to the pink slime article?
That pink slime article is here:
http://bottomline.msnbc.msn.com/_news/2012/05/07/11585824-pink-slime-maker-to-close-three-plants?lite
Blaine, you hit the wrong button.
On the bright side, what you did write was concise and to the point on the subject of the site you wanted to be on but weren't on!
While I smell More than a little Racism and Snobbery on the part of the Co-op, I also remember the travesty Pia Zadora did the home of Mary Pickford and Douglas Fairbanks. That affair is just one of the many reasons these co-ops (and their covenants) exist.
Development covenants are also an item the Supreme Court rarely touches unless it can be proved it is racism, which is hard to do. Plus it appeared there was intent to change the design and operations which probably ran counter to the covenant.
One question I have, if anyone knows this, would this property's building be on the National Register of Historic Places? If so, that adds another layer of restrictions that the potential buyer many not have wished to abide by, for security reasons. (He is a Leader after all)
I don't think the rejection had to do with just the security issue. Would you want a family of two wives, 15 kids and a bus load of servants moving into your building?
scales67,
No indication as to what the Sheik's intentions were, nor was he afforded an opportunity to state them. Maybe he wanted off-campus housing for his children while the attend Columbia, NYU or City College. Or a place to stay while visiting the UN or New York banks on busness.
The coop board showed some good judgement. 31.5 million....your oil dollars hard at work.
Why was my comment deleted? All I brought up was they are allowing an interview to a guy with the last name "Weinstein" but are not even interviewing the sheikh Muslim guy. That's not a worthy observation? At least interview the guy so the co-op can voice their concerns and see if the sheikh has a reasonable solution to their concerns. Again, I'd love to know the demographics of the co-op board members. I think it's a fair observation.
Well, roots, your comment was deleted as a personal attack because your point seems to be: (1) They obviously preferred the Jew ("a guy with the last name 'Weinstein'") over the Muslim, paying no attention to the substantive differences described in the article itself (one is a senior official in a foreign country and would have a large security entourage, and he proposes to combine two apartments into one, and he would own 12th of the building), and (2) they did this because they must be Jewish themselves. ("I'd love to know the demographics of the co-op board members.")
Were those not the points you were making?
Let me see...hmmm. Just what might be the demography of a board whose duty is overseeing just who gets into, and--most importantly--who doesn't get into, one of the most exclusive apartment buildings in the most expensive area in New York City?? Eureka, I have it! The board is comprised of--drum roll please!--a coterie of agents representing the richest, most obsessively class conscious snobs in New York!
Only an American, born and bred on native soil, should be allowed to buy this beautiful place.
Norgold, It's very funny that you say that. The previous owner, Huguette M. Clark, was neither born nor bred in this country. (Born in Paris in 1906, though as the daughter of American citizens she was one as well.) Would you also have forbade her from moving in, in 1927? Through the years this building has housed many immigrant families.
I believe the point they are trying to make is that Clark is "more" American (a citizen) than this other potential buyer is or will ever be. Actually, a lot of people will be forbade to own it. Ex-cons, etc. will be eliminated from contention I am sure.
Good point Bill, but in all fairness she was born in another country to a father from the USA. The asking price of the apartment is absolutely ridiculous. Also the comment in the article, the co op wants someone who was like the owner, quiet, where she didn't live there since her Mother died. Is that the type of person wanted? The prices of living quarters asked for is the reason people are angry in the USA. Money does talk, and God must be so very sad with people who live like this.
I've read alot on Huguette M. Clark. She really was born with a silver sppon in her mouth, but...didn't deserve any of her holdings, except money to live on, she didn't know how to take care of it, and trusted a Lawyer who robbed her left and right, and a Manager who did the same. She left all her Castles, and homes empty, how sound was she in her mind? Man if I'd had her money I would have lived, not acted as if I died a long time ago. And I'd have had someone else watching over the manager and lawyer as well. Use her money to update the apartment to show it's realistically a luxury apartment. That's not considered luxurious in my taste for that amount of money. To know you can really do anything you want because you are filthy rich is sad, and we see it every day, how they live reading the dirt on Movie stars, and they get away with it. You then wonder why the poor out out robbing banks? Our Country is so illusion...the rich flaunt in front of the poor and the young people are angry, think when they get older they will live that way. I used to as well, even after becoming an adult I had that mindset. But I'd never steal from others, I wanted to make it on my own, and did but not the way I thought then, by far! Our world is so very gorgeous, and the rich so very corrupt and don't feed us dreams and movies that are not true. You know??? The aprtment belongs to her relatives really...what? they don't want it?
I do believe you're missing the point....he's an arab, hellooooo.....remember twin towers, death, destruction, Osama Bin Laden.....yes, I know, you can't pass judgement just because he's arab, but I can remember, I can make my own decisions on what i think of arabs coming into our country and blowing up buildings as well as people....people that mattered, had wives, kids, friends. Did Qatar, the Emirates, Saudi Arabia come to the aid of the US after 9/11? No, resounding NO.
So by that logic, nobody should allow Americans to buy property in other countries because we all must be like Timothy McVey??
Wow. Just wow!
GOOD POINT JEAN! i agree, i think we should all be judged based on what people of similar faith, race, gender, etc have done throughout history.
what race, faith, gender are you? so i can properly judge you......
Tracey AND Jane,
Following your logic path, shouldn't we consult the Native Americans as to who should own property in the United States? Or maybe realize that in today's world, those borders and heritage that you so highly prize are pretty meaningless. After all, I suspect that you both help enrich the Sheik by buy petroleum products for your transportation and home heating needs.
If the sheik can buy more apartments then he will be implement a muslims only policy or make it very unfavorable place for non-muslims.
Simply amazing. A writer that actually stayed around to answer comments on their article. I've been coming here for a few months now and remember seeing this maybe once before. Heavens to Murgatroyd, even! The board was right to refuse him. If I lived there, I wouldn't want the kind of disruption to my lifestyle that his presence would cause. Especially since he made it clear that he wouldn't mind buying out other residents units for family and aids. Let him find an empty lot and build his own palace if that's what he wants. As long as it's built to code and is aesthetically pleasing
The Plague of the Arabs: Their leaders (the royal kingdom, if that's any leadership at all) spending a large majority of the peoples' money outside of their country. But, apparently the U.S. now bows to them, so I guess they have every right to spend where they please. As long as they love their people I'm ok with it.
Just your average, everyday "Jobs Providers"...doing their thing.
Who can afford this real estate? Arab sheiks and hedge fund managers? Oh boy.
and, how is that any different than ever? how many toll collectors and burger-flippers do you think ever owned such property?
I don't have a problem with the sheikh living in the same building as other people who mostly stole or inherited their money. Just not in my middle-class neighborhood! I really don't care what the rich do to each other, as long as I don't have to get involved in any way. It would be really cool if he brought a camel herd, or maybe a flock of sheep or goats into the place. I'd pay money to see the looks on the residents' faces.