Lawyerly Lairs, Real Estate

Lawyerly Lairs: The Runaway Groom Plants His Feet

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Remember James Ferraro, aka the Runaway Groom? He’s the multimillionaire trial lawyer who, back in January 2008, left his wife — Patricia Delinois, a well-known real estate broker — standing at the altar.
Their story ended happily: Ferraro and Delinois reconciled and eventually did get married, a few weeks later. And Mrs. Ferraro is probably very glad they did.
At least if she likes nice real estate. From the New York Observer:

James L. Ferraro, the prominent Miami trial lawyer who owns the Cleveland Gladiators arena football team, is finally buying a nice Manhattan apartment. This week he’s spending $8,175,000 on a penthouse at the glassy Park Imperial on West 56th Street.

Even though Mr. Ferraro owns places in Miami and a 14-bedroom Martha’s Vineyard mansion, it had been years since he felt he could get a good bargain in New York. “I thought about it after 9/11, but I didn’t want to buy on a calamity–be a vulture on someone’s property; not that it’s bad karma, it is what it is. But this now is the best buying opportunity you’re going to have in the next 25 years.”

So, how much did he pay per square foot?


His seller is David Wine, the vice chairman of Related, the giant developer that built the tower. His penthouse, about 2,600 square feet, hadn’t officially been for sale.

$8.2 million divided by 2,600 square feet yields up about $3,150 per square foot. That’s a steep price, even by Manhattan standards. But….

“The views are ridiculous,” Mr. Ferraro explained from dinner in midtown on Monday, where he put down the phone to ask about the marinated calamari. “It’s an absolutely ridiculous view.” He said he’ll spend three to seven days per month there.

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So can someone answer a question we’ve had for a long time: Why don’t more smart liberal law school graduates, instead of trooping off to Biglaw, go into plaintiff’s work? You get to stand up for the little guy, vindicate the rights of victims, and stick it to big evil corporations. And you get to buy $8 million pied-à-terres, which you live in for just three to seven days a month.
What’s not to like?
Awesome Trial Lawyer’s Awesome Penthouse [New York Observer]
Earlier: This Won’t Help the Reputation of Trial Lawyers

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