The Bernie Madoff Real-Estate Agency

These properties are as different as can be, but they have one thing in common: Their owners’ finances were all handled by the infamous Bernard Madoff. Some of the homeowners are selling because they need to, despite the weak market. Others already had their properties listed when the news broke, and have dropped their prices. And still others say that the sales have nothing to do with their notorious (ex-)adviser.

Potato Road, Sagaponack: $7.9 million
It’s the perfect little weekend house—four bedrooms, four baths, with a tower that overlooks the beach and the notorious Ira Rennert’s oversize estate. Now owner David Silver, whose portfolio fell into the Madoff abyss, is selling. The price of the house, which used to be owned by film director John (Rocky) Avildsen, has been cut from $14.5 million to $10.95 million to $7.9 million, and vulture shoppers have made offers south of $5 million.
Broker: Ed Petrie, Sotheby’s.

685 West End Avenue: $2.2 million
At least the seller of this three-bedroom co-op isn’t around to see the Madoff fallout: He died a year ago, and it’s being sold by his estate. Listed in May 2008 for $2.3 million, it reappeared in September with new brokers and a price cut. Located in a 1928 building at the corner of 93rd Street, it has two bedrooms plus a maid’s room.
Broker: Toby Gamsu, Brown Harris Stevens.

7 Hubert Street: $12.5 million
The empty-nester who owns this 4,262-square-foot Tribeca penthouse decided to sell it in early December, just before Madoff’s ruse came to light. Of the whole affair, she says only this: “You just pick yourself up … It’s horrible to imagine that people can behave in such a deceitful-to-the-core kind of way.” The space went into contract very fast—it’s in a coveted building and has a wraparound terrace and casement windows that span entire walls—but is back on the market after that deal hit a snag.
Broker: Sean Turner, Stribling and Associates.

Beach Lane, Wainscott: $15 million
The businessman who owns this estate listed it in early January, three weeks after Madoff’s confession. The 6,100-square-foot six-bedroom house is on one of the most glamorous streets in town; neighbors include Marci Klein, Toni Ross, and Ronald Lauder. The last time a house here became available was two years ago, and it went for the full asking price, says listing broker Michael Schultz. The shingled cottage sits on two acres and is book ended by farmland.
Broker: Michael Schultz, the Corcoran Group.

7 East 67th Street: $37 million
The seller of this townhouse worked for the Fairfield Greenwich Group hedge fund, which lost billions with Madoff. He bought the 25-foot-wide limestone for $33 million from Seagram mogul Matthew Bronfman at the market’s peak in 2007, breaking then-existing records. It’s now being offered, audaciously enough, for $4 million more than he paid. The seven-story house has a double-height library, gym, sauna, and wine cellar.
Brokers: Carrie Chiang, the Corcoran Group; Serena Boardman, Sotheby’s International Realty.

See Also
A Video Walk-through

The Bernie Madoff Real-Estate Agency