Callan , condo score

Discussion in 'Wall St. News' started by stock777, Oct 18, 2008.

  1. But maybe she will not be so lucky if they find she LIED about Lehman before she BOLTED.

    The Wall Street Journal

    Lehman Brothers Holdings' former chief financial officer, Erin Callan, is in contract to sell her two-bedroom condominium in New York's 15 Central Park West.

    The sale is set to close this week for $11.8 million, just below the $12 million asking price, a person familiar with the deal said. That would be nearly double the $6.48 million Callan agreed to pay for the condo about three years ago while the building was under construction.

    Lehman demoted Callan, who is considered one of the most powerful women on Wall Street, from her CFO post in June, as part of a shake-up in the company's unsuccessful bid to restore investor confidence. In July, Callan joined Credit Suisse Group and now oversees its global hedge-fund business.

    Many early buyers at 15 CPW have sold their apartments at a significant profit. Callan's 31st-floor apartment of about 2,400 square feet has two bathrooms and a powder room. Neighbors at the Robert A.M. Stern-designed limestone building include Sanford Weill (who paid $42.4 million for his apartment) and hedge-fund manager Daniel Loeb ($45 million).

    In April, shortly after closing her purchase in the newly finished building, Callan put the unit back on the market for $14 million, then dropped the price to $12 million. Listing agents were Sherry Matays and Julianne Bond.