15CPW Alert! Morgan Stanley Exec Moves In
After Morgan Stanley took a beating from the collapse of the subprime mortgage market, one would think the firm's global co-chief of real estate investment might have second thoughts about making any real estate investments of his own. But not only did K.S. Kalsi (a.k.a. Sonny) and his wife pay $14.6 million for a fifth-floor condo at 15 Central Park West, according to city records, he took out two different mortgages--one for $1 million and the other for $8 million--on the apartment.
Plus the Kalsis bought an $860,000 "suite" downstairs.
In December, Morgan Stanley posted its first quarterly loss in the firm's 72-year history and wrote down $9.4 billion in assets linked to subprime mortgage-backed securities. Morgan CEO John J. Mack must have borne the brunt of the blame--he only took home $800,000 in 2007 compared to $40 million the previous year.
Mr. Kalsi's bonus package must have been a bit weightier.
There are no other Morgan Stanley folks living in 15 CPW that we know of, though William Kourakos, who defected from the firm in the 1990's, lives on the 11th floor.
16 Park Avenue
"On the corner of Park Avenue & 35th Street, in the heart of Murray Hill... " More details |
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It's news like this that makes me sick to my stomach. This douchebag loses hundreds of millions of dollars for the firm and walks away with millions in his pocket. Where's the justice? He should be arrested for theivery.
He had nothing to do with the losses. The losses were incurred by one prop trader. If you work at Morgan Stanley, you know that or you should.
You idiots...Kalsi is a rain maker and made millions for the firm. He had zero relation/responsibility for the sub-prime losses. Stop bitching b/c your freelance journalism can only provide you with a 600 sq/ft. in SoHo