NY Observer > Wall Street

Cipriani, Tavern On The Green Guys Plead 'Business As Usual' at Special Events Gala

Lily Swistel — Wed, 25 Jun 2008 14:15:14 -0400

Two of the city's top banquet behemoths were honored last night at the International Special Events Society's Annual Big Apple Awards at Cipriani Wall Street:

Michael Desiderio, chief operating officer of Tavern on the Green, and Joe Cozza, vice president of sales and marketing at Cipriani USA--both of whom are facing significant challenges these days in keeping their illustrious New York institutions afloat.

Tavern, for one, faces a potential bidding war to keep its sprawling 27,000-square-feet digs at Central Park. Cipriani, meanwhile, is struggling to hold onto its liquor licenses after CEO Giuseppe Cipriani pleaded guilty to tax charges last year.

I asked the friendly Mr. read more »

Wall Street and Real Estate: Hurry Up Already

Tom Acitelli — Thu, 05 Jun 2008 10:22:41 -0400

A Reuters article this morning tosses a little sunshine into an otherwise gloomy assessment of the effects of a shakier Wall Street on Manhattan real estate:

The full impact of Wall Street layoffs on the Manhattan real estate market could take a year or possibly longer to work through. read more »

Worried Wealthy Slapping on Pounds, Losing Spouses

Tom Acitelli — Mon, 02 Jun 2008 09:41:33 -0400

“I literally had to sit there and tell him that he had to tell his wife that she had to stop spending.He was actually scared she would leave him because their financial situation changed so drastically." - Manhattan divorce lawyer Nancy Chemtob on a client whose net worth had dropped from $20 million to $8 million.

From a Sunday New York Times article on the economic anxieties wracking the merely rich--and how these anxieties, from weight gain to marital strife, are making themsel

Bear Men's Old Haunts Feel the Fallout

Lysandra Ohrstrom — Fri, 30 May 2008 15:41:17 -0400

The day after Bear Stearns shareholders approved the firm’s sale to JPMorgan Chase, the clubby men’s salon frequented by the fallen masters of the universe was buzzing as usual.

Suited, silver-haired men and their early-middle-aged protégés reclined in chairs while getting preened and massaged by young women inside John Allen’s on 46th Street and Vanderbilt Avenue, barely a block from the now-former Bear Stearns headquarters at 383 Madison. read more »

Bear Stearns: The Mini-Series

Tom Acitelli — Tue, 27 May 2008 11:47:19 -0400

If you have the chance, get in on the ground floor of the Wall Street Journal's three-part series on the collapse of Bear Stearns. The first part debuted this morning under the headline "Lost Opportunities Haunt Final Days of Bear Stearns."

The story has everything--egos clashing, a confrontation in the office gym, ominous phone calls, bridge tournaments, and, of course, real estate (at least tangentially): read more »

WTF?! Wall Street Eatery Unveils $175 Burger

Lysandra Ohrstrom — Tue, 20 May 2008 12:07:36 -0400

It seems like ages since Daniel Boulud introduced his $28 burger back in 2001, much to the horror of old-school carnivores who resented haute cuisine's appropriation of the popular, affordable American food staple.

Today, the DB Burger is $32--a price tag that few sophisticated foodies would bat an eyelash at--and it has spawned a horde of pricier imitations, including Mr. Boulud's own truffle infused Royale. At $81, Old Homestead steakhouse had also briefly claimed the most expensive burger in the city mantle, but now it too has been left in the dust: The Wall Street Burger Shoppe has unveiled the $175, "Richard Nouveau," burger, named after the fictional mascot of the Web site Pocketchange—an exhaustive account of conspicuous consumption in Manhattan—the Daily News reports today. read more »

One Year Ago: A Roaring Bear Stearns

Tom Acitelli — Sun, 16 Mar 2008 21:02:12 -0400

As the speculation around Bear Stearns turns from when and if to how and by whom, the below excerpt from The Observer's John Koblin shows just how far the investment bank has tumbled in little over a year. The excerpt is from a story dated Jan. 21, 2007.

When it comes to the relentless pursuit of prime Manhattan real estate in the last six months, Bear Stearns is unmatched. read more »

An Empty Wall Street BMW Dealership--But 'You Should See It Around Bonus Time'

Lysandra Ohrstrom — Tue, 12 Feb 2008 12:02:59 -0500

If Manhattan’s masters of the universe are not buying baubles for their partners on Valentine’s Day, what other obvious signs of belt-tightening does one see on Wall Street these days? I visited the Street's BMW dealership—another product of the boom—to see if bankers are skimping on their own toys as well. read more »

Bear Stearns Reports First-Ever Quarterly Loss, Top Execs to Skip Bonuses

Tom Acitelli — Thu, 20 Dec 2007 10:27:36 -0500

Investment bank Bear Stearns has reported its first-ever quarterly loss. The loss of about $854 million over the fourth quarter of 2006 exceeded fears about how badly the bank's investments in subprime mortgages would affect it, according to The New York Times.

The Wall Street Journal on Wednesday reported that top executives at Bear Stearns would skip year-end bonuses for themselves.

Goldman Sachs Bonuses to Average $600,000 Per Employee

Tom Acitelli — Tue, 18 Dec 2007 09:11:21 -0500

Goldman Sachs, the world's largest investment bank, is set to report on Tuesday a record annual profit of $11 billion, according to news reports this morning. More importantly for New York City and its real estate market, the average Goldman Sachs year-end bonus is expected to average an astounding $600,000 per employee--about double the average paid at other firms.