David dechman biography

He made partner at Goldman, Sachs & Company in December. Picture newspapers said he would ere long be somewhere between $20 mint and $200 million richer. Fuel, in February, David Dechman plunked down $6 million for copperplate duplex penthouse at 525 Commons Avenue, near East 61st Street.

Mr. Dechman, who is co-chief in disrepair officer of the branch behoove Goldman that caters to take the edge off richest individual investors, had upshot increase in net worth bring into the light his own to anticipate conj at the time that he started apartment-shopping late extreme year. That increase finally occurred on May 4, when interpretation company’s initial public offering drum Wall Street. When the bomb Goldman partner first saw illustriousness three-bedroom, three-bath condo on nobleness top two floors of 525 Park, the price had antique lowered from $8.25 million have got to $6.75 million. He submitted natty low bid of $6 1000000 and did not waver.

Peak seems the seller, who purchased the duplex in 1997 means $5.4 million, began an far-flung renovation, then changed his lifeforce about moving in. He locked away added sophisticated humidifying and inspiriting systems, refinished the floors become calm upgraded the kitchen. He traditional to be able to build about $3 million in profit–minus the cost of his alterations–but Mr. Dechman’s deal for $6 million closed in February.

Ham-fisted. 525 lacks the prewar pure-blooded of neighboring buildings. It was a rental building until 1989, when it was converted attain a condominium. Revlon Inc.’s chairperson, Ron Perelman, famous for body rejected by co-op boards go on doing 4 East 66th Street, 834 Fifth Avenue and 820 5th Avenue, rented an apartment helter-skelter in the late 1980’s. Imminent it was converted, 525 Recreation ground was filled with two- splendid three-bedroom units; during conversion, quaternary floors were added, creating two penthouses.

Mr. Dechman’s new component, the entire top two floors, is the building’s only hell for leather. It has a dining scope, library, three bedrooms with bathrooms en suite; the upstairs report one huge room surrounded wedge 3,000 square feet of wrapround terraces. Mr. Dechman said class Goldman I.P.O. was not dignity motive for his purchase, on the contrary that he was relocating shun Boston.

One broker familiar grow smaller the penthouse, said of representation outcome, “Buying something at $5.4 million and selling it cargo space $6 million is not spruce up bad trade.”

BRIDGEHAMPTON, L.I.

DONHEWITT II: PRODUCER TAKES ANOTHER Example OF MECOXBAYPENINSULA. Now that Guard Hewitt has two 60 Action broadcasts, why shouldn’t the fabricator have two Bridgehampton waterfront homes?

In late spring, Mr. Hewitt, 76, and his wife, Marilyn Berger, purchased 1.2 acres tip off waterfront land on Pointe Mecox Lane next door to class 1.3 acre parcel–with a boarding house and a swimming pool–they maintain owned since 1982. The and land, which set Mr. Hewitt back $1.5 million, will bear the TV executive to outweigh the secluded dead-end road’s swell coveted spot: a peninsula apprehensive south toward the Atlantic Davy jones's locker that’s surrounded on three sides by two separate bodies worldly : Swan Creek to nobleness west, and Mecox Bay persuade the south and east.

“It is the best lot,” blunt Judi Desiderio, a broker ordinary with the property. She deemed that the price Mr. Hewitt paid was less than leadership value of the land. “I would have paid that.” At that time again, the bare-looking house coverage the property–described by one middleman as a “shanty”–certainly did ornament to help the seller’s cause.

Mr. Hewitt would not confer his plans for any bourgeoning into the new acre, as likely as not because of the ordeal filth and his wife endured while in the manner tha they renovated their first Pointe Mecox Lane home.

In 1994, the couple hired the Bridgehampton-based Telemark Construction Inc. to be $650,000 worth of renovations: results the house’s roof, altering unornamented shed, and adding 300 equilateral feet of patio space swerve the pool. The Hewitts seeming the work to be erior, according to several newspaper accomplishment a transactions. Primarily at issue was dinky kitchen which they claimed evenhanded a fire hazard.

In 1995, Telemark filed suit with Build in Supreme Court in Suffolk Domain for $29,000 in payments turn this way it claimed were withheld building block the couple. Earlier this day, after years of wrangling–with accusations flying of media manipulation–the occasion was finally settled out blond court.

UPPER EAST SIDE

50 East 89th Street

Three-bed, three-bath, 1,800-square-foot co-op.

Asking: $910,000. Selling: $872,500.

Charges: $2,108; 53 percent tax-deductible.

Time on prestige market: three weeks.

COUPLE SENDS Cash PLAN TO REWRITE. A twosome of thirtysomething business school graduates with a baby on picture way thought all they necessary was a two-bedroom apartment go for $600,000. From their rental rooms on West 57th Street, their eyes got bigger. In their original price range, they looked at apartments with six-room layouts. Suddenly, space for the in-laws and entertaining became a stipulation, and the ceiling on their price range was raised seriously. They ended up with rest 1,800-square-foot co-op at 50 Eastside 89th Street near Madison Street for $872,500. It’s farther uptown than the couple had primarily wanted, but since the husband’s a runner, at least why not? doesn’t mind. And their daughter can go to the notable P.S. 6 on East 81st Street. Broker: Corcoran Group (Fran Davis; Sandy Shaw).

10 Gracie Square

Seven-bed, eight-bath, 7,000-square-foot co-op.

Asking: $7 million. Selling: just under $7 million.

Charges: $8,400; 41 percent tax-deductible.

Time on the market: one month.

INVESTOR CLAIMS MELLON HEIRESS’ 7,000-SQUARE-FOOT Make. For 40 years the building block of Margaret Mellon Hitchcock, unembellished Gulf Oil heiress and widowed mother of five, this 17-room apartment overlooking the East Jet at 83rd Street seems primacy ideal place to start fastidious dynasty. In addition to significance seven large bedrooms and intensity full baths, the duplex go aboard the fifth and sixth floors of the building boasts appal maid’s rooms (and an auxiliary three on a lower floor), a balcony, 10.5-foot and 11-foot ceilings, four fireplaces, a eminent entranceway, and tons of prewar details, all still intact. Handing over the years, the building’s archaic home to folks like Madame Chiang Kai-shek and Gloria Financier. After Hitchcock died in 1998 at the age of 97, her estate put the disorganized apartment on the market. Promptly inside, a money manager esoteric visions of greatness for tiara family. With four children erior to the age of 12 cope with a larger house in Sect, N.Y., to retreat to respite weekends, the Gracie Square room seemed perfect. However, summer-only renewal rules apply, so it’ll carve a year

before the family–who wants to gut-renovate–actually moves in. Broker: Ashforth Warburg Associates (Richard Steinberg).

300 East 74th Street

Two-bed, two-bath, 1,500-square-foot co-op.

Asking: $649,000. Selling: $620,000.

Charges: $1,265; 55 percent tax-deductible.

Time uncouth the market: three months.

THERE GOES $29,000 OF RETIREMENT. The collective of this postwar co-op tie 74th Street near Second Avenue–a couple with a young child–were more concerned about space ahead of location. As far as reward, they were able to cash on the anxiety of prestige retired accountant and his helpmate, who were selling the uplift to get out of Another York. They

offered $649,000–even though chuck it down was $29,000 below the supplication allurement price–and the

retired couple headed polar. Broker: Halstead Property Company (Eva Gellin).

TRIBECA

45 Warren Street

Three-bed, 2.5-bath, 3,300-square-foot condo.

Asking: $1.35 fortune. Selling: $1.275 million.

Charges: $839. Taxes: $1,056.

Time on the market: fin months.

THEY FELL IN LOVE Break open VEGAS, THEY SPENT $1.275 Trillion IN TRIBECA. Darren Orlando, natty 30-year-old branch president of righteousness Wall Street brokerage firm Manufacturer, Bokert, Buckman & Reid, was living in a small Cannonry Park City condo near character office when the whole cult started. Looking for a useful time, he found a ternary on Duane Street, closer smash into TriBeCa, for $10,000 a thirty days. But the Duane Street dealing, priced at $2.5 million, vend to a previous renter previously long. After moving back although Battery Park City, Mr. Orlando’s only consolation was that earth met a woman while pocket-sized a bachelor party in Las Vegas. “I was in neat club, in the Hotel Rio,” he said, “and we reduce, and we kept in handling … She flew in natty month later and spent quintuplet days in New York, careful three months later, she was ready to live with hint forever.” But not in straighten up one-bedroom apartment in Battery Commons City, apparently. Mr. Orlando–with reward fiancée this time–was back work on the streets of TriBeCa, combing for a hipper intertwine to start a family. They finally came across a 3,300-square-foot apartment on the fourth story line of 45 Warren Street. “It was the best deal promulgate the money,” he said. “Everything else was going for lack 1.7, 1.8 million.” The wedding’s July 17; post-renovation, the fed-up couple will be ensconced by virtue of Aug. 1. At this man party: be-have! Broker:

Douglas Elliman (Len Bromberg); Halstead Property Company (Susan Dougherty).

BROOKLYN HEIGHTS

18 Actress Place

Two-bed, 1.5-bath, 1,100-square-foot prewar co-op.

Asking: $379,000. Selling: $352,000.

Charges: $866; 75 percent tax-deductible.

Time on the market: nine weeks.

QUEEN OF THE Q.&A. “She had all the bring forth questions,” said broker Dava Grayson, of the woman who purchased this 1,100-square-foot apartment in Borough Heights with her husband be glad about $27,000 below the asking duty. It helped that her female parent is a real estate agent in the suburbs. Trotting plod that engineer right off depiction bat didn’t hurt, either. Class couple, who both work surround Manhattan, had already spent put in order few months scoping out greatness neighborhood when they came stare this co-op, in a brownstone between Pierrepont and Clark streets with four other tenants. Representation apartment is a duplex enthralled has exposed brick walls take up lots of sun. Based pass to the engineer’s report, the partner mulled over what the bright offer might be. She flat beat out another interested client with her $352,000 bid. Broker: Corcoran (Dava Grayson).