The facade of 1067 Fifth Avenue (via Bridge and Tunnel Club).
Each week, the Big Ticket column in the New York Times real estate section records the most expensive housing deal of the prior week. The most recent column focused on a $16.25 million condo on the 42nd floor of the Trump International Hotel and Tower — a two-bedroom apartment, so that works out to a little more than $8 million per bedroom. Welcome to the world of high-end Manhattan real estate.
The second-place sale, clocking in at $8.325 million, took place across town on the Upper East Side. The apartment in question, once inhabited by a notable New York lawyer, will now welcome a high-ranking partner at a top international law firm.
Oh, and he clerked for the Supreme Court, too. Some people truly do lead charmed lives. And wait until you see the pictures of his new residence….
Now, fabulous though they may be, beach houses in the Hamptons and Playboy model girlfriends sound… a bit flashy, a trifle arriviste. Some might view them as not very white-shoe, and not what you’d expect from partners of the oldest continuing Wall Street law practice in the United States. (Sure, some old-money people have places in the Hamptons, but these days the locale appeals more to celebrities.)
Thankfully there are some CWT partners who are kicking it old school. They live in exclusive prewar coops on Manhattan’s Upper East Side. No lofts in Tribeca or Soho — or, God forbid, Brooklyn — for these genteel types.
Let’s look at the Lawyerly Lair that a senior Cadwalader lawyer recently acquired — on Park Avenue, one of the world’s legendary thoroughfares — for just a shade under $6 million….
We called the story “Part 1″ because we knew, at the time, that we’d be bringing you a “Part 2.” Think of Christine Raglan’s UWS penthouse as the appetizer — or maybe even just the amuse-bouche. Now it’s time for the entrée, something far more substantial.
Let’s fly across Central Park and alight in the Carnegie Hill neighborhood of the Upper East Side, where a Cravath partner recently sold his ultra-luxurious residence — for a whopping $4.6 million. Interestingly enough, the buyer is a lawyer as well, in-house counsel at a major media company.
Who are the parties to this transaction? And what does a $4.6 million apartment look like?
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!