Lawyerly Lairs: A Young Yale Law Grad's $32 Million Apartment
He's only 12 years out of law school, and he just sold his Fifth Avenue co-op for $32 million.
1040 Fifth Avenue (via CityRealty)
Sure, earning $180,000 a year for associates and $3 million a year for partners is nice and all. But as we’ve said before, “If you’re a partner at a major law firm in a big city, you might someday own a $3 million apartment. But if you want a $30 million apartment, you need to move into business.”
That’s especially true if you want a $30 million apartment just 12 years out of law school. From this weekend’s New York Times:
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The chief executive of the Loews Corporation, James S. Tisch, purchased through a trust a sprawling apartment at 1040 Fifth Avenue, an exclusive prewar co-op building designed by Rosario Candela and home to a host of prominent residents over the years, including Jacqueline Kennedy Onassis.
At $32,000,000, it was the most expensive closed sale of the week, according to city property records.
The unit, No. 10A, was sold by Thomas D. Lehrman, a founder of the consulting business Gerson Lehrman Group, and his wife, Marjorie Lehrman. They had bought the apartment nearly eight years ago for $21 million from Edgar Bronfman Jr., a former chief executive of the Seagram Company, and did a comprehensive renovation led by the architectural firm Ferguson & Shamamian.
Thomas D. Lehrman (via LinkedIn)
As you can see from his LinkedIn profile, Thomas Lehrman graduated from Yale Law School in 2004. So when he and his wife bought the apartment in 2008 for $21 million, Lehrman was just four years out of law school.
So no, Lehrman didn’t make his fortune from practicing law. In fact, if you review his impressive résumé, which includes service in the Bush Administration as director of the Office of Weapons of Mass Destruction Terrorism, you won’t see any stints practicing law (although he did serve on the board of the Becket Fund, a non-profit, public-interest legal institute that litigates to protect religious liberty).
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Lehrman attained his wealth through the success of Gerson Lehrman Group (GLG), “the world’s largest membership network for one-on-one professional learning” — aka an expert network, which connects investors with experts in various industries so that the investors can make better bets. Lehrman launched GLG in May 1998, before he even enrolled at Yale Law, together with Mark Gerson, a fellow YLS grad who continues to serve as chairman of GLG. Lehrman, described on the GLG website as co-founder and former co-CEO, remains on the company’s board.
Enough about Thomas Lehrman’s educational and professional accomplishments. Let’s move on to what you came here for: pictures and descriptions of lavish real estate….
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