If you read my blog earlier this week predicting a fall in New York real estate from the Lehman collapse, this big seller ($32 million) could be the first post-Lehman effect on the housing market. Too bad Lehman was the only investment bank not to get a Fed bailout or maybe this fantastic Hamptons place would not be for sale . . .
Disclosure: I was a Managing Director at Lehman, I left at the beginning of 2005. I am vested in their now worthless executive compensation plan. I own a condo in Manhattan that is certain to fall in value but I gotta live somewhere so I won’t sell. I have not seen him since I left Lehman but I knew and liked Joe Gregory. He was part of the team of people who recruited me to Lehman Brothers from Morgan Stanley. I found him to be a direct and reliable manager and I am sorry he has to go through this recent crisis. If I know him, he will turn it around for himself and end up at some lucky organization in a productive capacity. After all, his personal losses are only financial. It is possible that he was planning to sell this house before Lehman collapsed.