Why isn't this man smiling?
Perhaps it's because he's just lowered the prices of two of his unsold projects, 10 Dairy Road (the terminal resting place of Andy Kissel, bound, stabbed and no longer investing in earthly things) from $10,750,000 to $8,450,000 and One Meadowcroft, from $14,500,000 to $13,500,000. The latter reduction is a mere 7% off ask, but a million bucks is still a million bucks, or so I was led to believe.
So how's this town's most aggressive spec builder doing? From what I hear, he tells anyone who'll listen that he's doing just fine, "no worries, mate". But he has at least three unsold projects on the market and, if this article's right, 250 people on his payroll. That's a lot, eh?
By the way, for an interesting look back at Hedge Fund Greenwich as it was just a year ago, check out this article in Vanity Fair. Things have changed - permanently? I doubt it; we're all just waiting for the next crop of Masters of the Universe to emerge from the primordial ooze. Though I do worry, sometimes, that we natives are like the Cargo Cultists of Vanuatu who were blessed during World War II by manna falling from heaven when planes were shot down or had to ditch. For years after that conflict ended (and in fact, continuing today) the natives constructed crude replicas of airplanes, hoping to encourage the Gods to return with more largess. Should we be building mock trading floors?
Update: I notice that 10 Dairy Road's address has been changed back to its original number, 8. Did the Post Office require this or did Mariani decide that the stigma attaching to the property because of Mr. Kissel's unfortunate demise had passed? Beats me.
A reader asked about the third Mariani spec house on Sabine Farms (actually, 27 Doverton, off of Sabine). That house is a mirror image to the Dairy Road house but, perhaps because of its location off Round Hill Road, was originally priced at $11.750 million. Now it's down to $8.450 so it's obvious that, at least as Mariani has come to see things, identical houses should command identical prices, regardless of location (or dead bodies).
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9 comments:
Sabine Farm get reduced too?
Not that it matters. I think he'll be lucky to get $6 mil for Dairy Road. It's a lovely place, but no one's buying homes like this for a while. UBS cut people this week; Barclay's as well.
CEA
Yes - I agree - no more 'Good Times' for a-while - very interesting post - Chris - I enjoyed reading it!
He got $30 million from Judge Judy, I think he has enough to pay is 250 employees.
Are you familiar with 65 John street. I heard it's coming on the market in January, what do you think something like that will go for? I believe it's on 17 acres and has three houses on the it.
Greenwich Diva
Interestingly enough he has all three spec projects listed with different brokers, prior he was exclusive to one agent.
So now he is utilizing 3 separate advertising outlets and marketing forums. I wonder if they don't sell does he have to pay for all those ads in NYTimes magazine, Greenwich magazine etc?
I just hope he didn't invest that $30 million with any of his hedge fund clients. George Soros thinks that two-thirds of all hedge funds are going under.
They'll be lots of class A office space for rent in Greenwich.
When UBS announced job cuts of 500 earlier this summer I heard from a friend there, high enough in mamnagement to know, I think, that the first cut was just the tip of the iceberg. And that was before the fun and frolics of the past month.
65 John Street - is that the one with the ancient Chinese stone used as facing? I hadn't heard that it was coming on the market - certainly it was originally planned as a private, not speculative project but these days, who knows? Pricing would be awfully difficult - it's one thing for a homeowner to willingly spend a few million shipping entire villages from China to build his house, it's another to find someone else who shares that passion and wants to pay to share it.
17 acres, but in an awkward (inconvenient) part of town, for most people. My prediction is that it will take a very long time to sell and it will go for far less than has been put into it. If the rumors you heard are true, of course.
I keep thinking of the Antares boys' boast that "rent is like lunch money to these guys" referring to all the hedge funds who, it's claimed, have fully leased the UST building. If no one's around to eat lunch, who'll pay the rent?
I wonder what it would be like to do business with Judge Judy - like Leona (RIP ) - and a few others - I saw Judge Judy and Jerry at Greenwich Academy - oh well - enough of the 'Rich and Famous' - right - Chris?
Interesting comment about George Soros and the Hedge Funds - going under!
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