Biglaw, Celebrities, Fabulosity, Lawyerly Lairs, Money, Partner Issues, Real Estate, Sports

Lawyerly Lairs: Two $3 Million Apartments Are Better Than One

The Beresford (at right)

Seven years ago this month, M&A lawyer Gregory Ostling was elected to the partnership of Wachtell Lipton, effective January 2007. In our story about the news, we referred to Wachtell as “obscenely profitable and dazzlingly prestigious.”

Wachtell routinely tops the Am Law 100 rankings in profits per partner and the Vault rankings of law firm prestige. In 2011, according to the American Lawyer, WLRK enoyed PPP of $4.975 million.

Because the firm has a single-tier partnership and is fairly lockstep (with just a handful of senior partners off the lockstep), even junior partners at Wachtell do very well for themselves. So maybe it shouldn’t be surprising that a relatively young partner like Greg Ostling just bought not one but two multimillion-dollar apartments at the Beresford — one acquired from a famous athlete, and one from an heiress — which presumably he’s going to combine into a single fabulosity-oozing residence….

Gregory Ostling

We’ve written about the Beresford before, when ex-Greenberg Traurig partner Marvin Rosen bought the former apartment of a legendary diplomat, the late Richard Holbrooke. The Beresford’s residents over the years have included comedian Jerry Seinfeld, Wall Street executive Vikram Pandit, actor Tony Randall, and tennis great John McEnroe.

Move McEnroe, a famously temperamental tennis star who is now a commentator on the sport, from the list of current residents to the list of former residents. A few months ago, McEnroe sold his place to Gregory Ostling, as reported back in August by The Real Deal:

Bad boy tennis ace John McEnroe, a longtime owner of a co-op in the Beresford building‘s northeast tower, has sold the apartment for $3.1 million, according to public records filed with the city today.

The former world No. 1 tennis player and current television personality, who made famous the phrase “you cannot be serious” during his altercations with umpires, sold the property, at 211 Central Park West, to mergers and acquisitions attorney Gregory Ostling and his partner Angela Tu, records show.

That apartment, #4GG, sold for $3.1 million. It has just one bedroom. Welcome to Manhattan!

But note that it does have, according to StreetEasy, “a dining room, a wide living room and two full bathrooms.” The bedroom faces Central Park, as you can see from the floor plan (click to enlarge):

Apartment 4GG was actually listed at the same time as the larger unit next door, apartment 4G. They were listed together for a total of $7.25 million, a strategy increasingly used by sellers to get higher prices for their units than they would if sold separately. There’s a hunger for larger and larger apartments, so high-end buyers will often buy adjacent apartments and combine them.

That appears to be exactly what Gregory Ostling and Angela Tu are doing. They have three sons, so as a family of five, they couldn’t make do with a one-bedroom.

Let’s now look at the larger apartment they also acquired, apartment 4G….

(hidden for your protection)

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