Friday, October 10, 2008
An Ode to our Economic Crises
While the rest of the country hurriedly consolidates (what's left of their) assets, sells homes, refinances mortgages and streamlines their daily spending, a very select few have the luxury of ignoring the economic crises (or perhaps benefiting from it). While I hadn't initially imagined straying from the blog's central theme (impressively famous, creative and inspiring homes and interiors), the current state of the nation begs for a bit of finger pointing. Please excuse this act of spontenaity.
Thanks to the golden parachutes available to the CFOs, CEOs and senior executives at failed investment institutions, making new investments on multi million dollar homes is hardly worth yawning about. The former head of Lehman's mortgage banking group, Kurt Locher, paid $5.25 million for a five-bedroom apartment at 500 West End Avenue. Meanwhile, his former apartment at 1165 Park is still on the market for $2.495 million. The property is apparently one of the grandest homes on the market on the Upper West Side, boasting a maid's room, living room, library, windowed, eat-in chef's kitchen, formal dining room and multi-million dollar address. Locher's mortgage? A paltry 3.224 million.
Mortgage crisis, what mortgage crisis?
Yawn, yawn, scoff, scoff.