<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR vAlign=top><TD></TD></TR><TR><TD vAlign=top width=452 colSpan=2>Published September 8, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Morgan Stanley's CEO buys US$13.5m house
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(NEW YORK) Morgan Stanley chief executive officer John Mack bought a 107-year-old carriage house on the Upper East Side of Manhattan last month for US$13.5 million, the New York Observer reported a few days back.
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</TD></TR><TR class=caption><TD>Mr Mack: Reportedly bought the home on East 70th Street from Paul Mellon's widow </TD></TR></TBODY></TABLE>Mr Mack and his wife, Christy, bought the home on East 70th Street from 'Bunny' Mellon, the 99-year-old widow of philanthropist Paul Mellon, the paper reported, citing sources familiar with the transaction. Mr Mack paid US$1.5 million less than the asking price.
The broker for the property, Nikki Field of Sotheby's International Realty in New York, declined to say whether Mr Mack was the buyer. The house was 'offered at US$15 million, received multiple offers and closed recently', she said in an e-mail.
In June, Morgan Stanley repaid US$10 billion in federal assistance to the government's Troubled Asset-Relief Program. Mr Mack gets an US$800,000 salary and didn't take a bonus in 2008 or in 2007 after being awarded a US$40 million stock bonus in 2006. In July, outrage over executive bonuses and perks led the House of Representatives to pass a 90 per cent tax on bonuses to some bank employees at companies that received taxpayer money. The legislation never became law.
The 9,475 square-foot house the Observer reported that Mr Mack bought has four floors capped by a terrace and garden, according to a listing on the real estate website Trulia.com. The first floor is almost entirely dedicated to a 30.5-foot-wide, 96-foot-long, 12-car garage which ramps up to the parlour floor and down to the basement, according to the newspaper.
The buyer is listed in city records dated Aug 28 as MKAP LLC. The seller is listed as Oak Spring Farms LLC. That entity took ownership in 1999, from Rachel Lambert Mellon, the formal name of Mr Mellon's wife, according to property records and an obituary. Mr Mellon, a philanthropist who donated hundreds of works of art to the National Gallery of Art, died in 1999 at the age of 91.
A message left for Mark Lake, a Morgan Stanley spokesman, wasn't immediately returned. -- Bloomberg
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Morgan Stanley's CEO buys US$13.5m house
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(NEW YORK) Morgan Stanley chief executive officer John Mack bought a 107-year-old carriage house on the Upper East Side of Manhattan last month for US$13.5 million, the New York Observer reported a few days back.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Mr Mack: Reportedly bought the home on East 70th Street from Paul Mellon's widow </TD></TR></TBODY></TABLE>Mr Mack and his wife, Christy, bought the home on East 70th Street from 'Bunny' Mellon, the 99-year-old widow of philanthropist Paul Mellon, the paper reported, citing sources familiar with the transaction. Mr Mack paid US$1.5 million less than the asking price.The broker for the property, Nikki Field of Sotheby's International Realty in New York, declined to say whether Mr Mack was the buyer. The house was 'offered at US$15 million, received multiple offers and closed recently', she said in an e-mail.
In June, Morgan Stanley repaid US$10 billion in federal assistance to the government's Troubled Asset-Relief Program. Mr Mack gets an US$800,000 salary and didn't take a bonus in 2008 or in 2007 after being awarded a US$40 million stock bonus in 2006. In July, outrage over executive bonuses and perks led the House of Representatives to pass a 90 per cent tax on bonuses to some bank employees at companies that received taxpayer money. The legislation never became law.
The 9,475 square-foot house the Observer reported that Mr Mack bought has four floors capped by a terrace and garden, according to a listing on the real estate website Trulia.com. The first floor is almost entirely dedicated to a 30.5-foot-wide, 96-foot-long, 12-car garage which ramps up to the parlour floor and down to the basement, according to the newspaper.
The buyer is listed in city records dated Aug 28 as MKAP LLC. The seller is listed as Oak Spring Farms LLC. That entity took ownership in 1999, from Rachel Lambert Mellon, the formal name of Mr Mellon's wife, according to property records and an obituary. Mr Mellon, a philanthropist who donated hundreds of works of art to the National Gallery of Art, died in 1999 at the age of 91.
A message left for Mark Lake, a Morgan Stanley spokesman, wasn't immediately returned. -- Bloomberg
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