What do you get for leaving Toyota and kneeling to Chrysler CEO Bob Nardelli? How does a townhouse in NYC at 178 East 64th Street sound to you? The New York Observer (“Nothing Sacred But The Truth”) reports that Jim Press decided to splurge on a $13.5 million four bedroom house in the Big Apple during his first month with the little C. The fringe benefit came complete with, “a grand marble foyer, an oak-floored living room with an antique wood-burning French fireplace, a full-floor master bedroom suite, a den with a wet bar and humidor, plus a finished basement with a gym and a 1,000-bottle, temperature-controlled wine cellar.” However now with the bankruptcy in full swing, Jimmy wants to unload his load. To the tune of $15.7 million. Oh wait! it’s NO LONGER FOR SALE. Sold! At 14,995,000! If only Press could have helped Chrysler make that kind of money.
Good for Mr. Press. Seriously.
What’s more likely is that Press has to sell a house that he didn’t even live in since the contractual, monetary compensation that he was expecting were yanked out during a BK filing by his employer.
As a broke college student stuck in his parents’ house in a former GM industrial wasteland (Anderson, IN), I can’t even find a job to support having a one bedroom apartment, let alone a $15 million townhouse. Even so, far be it from me to lambast those who can afford a better quality of life. I have little time and zero interest in knocking others down, because I’m too busy keeping myself propped up.
How did he manage to sell the house for more than he bought it in this market? NYC’s real estate market is currently hurting pretty bad…
Given the brokerage and carry, he got out whole, which is not bad considering that NYC real estate has gotten very soggy.
Not a bad reward for doing nothing.