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Brown Harris Stevens

Big Real Estate

740 Park

Brokerage: 740 Park Loan Had Nothing to Do With Us

Last week, The Observer wrote a story about the hyper-exclusive co-op 740 Park.

As The Observer noted, the building is cash-only. Many people questioned if foreclosure was even possible, in fact, in a building that forbids residents from borrowing against their properties. We noted in the piece that Kent Swig, a one-time 740 Park resident, happens to co-own Brown Harris Stevens Residential Management, which manages the building. A source told us that Mr. Swig was allowed to take out a loan for the apartment because of this ownership stake. (Mr. Swig no longer lives there; the apartment is controlled by estranged wife Liz Macklowe.)

Brown Harris Stevens sent The Observer a letter after the story was published, denying any conflict of interest. Read More

Manhattan Transfers

990 Fifth Avenue (Photo from Street Easy)

After 52 Years—and $15 M. Deal—Samuel P. Peabody Leaving 990 Fifth Duplex

Philanthropist Samuel P. Peabody has sold his Fifth Avenue duplex. Although his family tree includes many of New England’s most powerful and historic families, Mr. Peabody spent most of his life as a humble educator, teaching at St. Bernard’s School in Manhattan and Rye Country Day in Westchester County.

His 13- room duplex, however, is not quite a humble abode. Read More