Olsens Finally Dump Village Penthouse

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Mary-Kate and Ashley Olsen endured for five years, and now have finally sold their five-bedroom, 4.5-bath New York City penthouse for $7.7 million to real estate mogul Ian Bruce Eichner.

Eichner, CEO of The Continuum Company, plans on making the 5,725-square-footer at 1 Morton Square his personal residence, HousingWatch has learned from Eichner's personal assistant.

The twins purchased the penthouse in 2005 for $7.3 million when they moved to the Big Apple to attend college. The penthouse, which was listed by Jared Seligman of Prudential Elliman, has monthly maintenance costs to the tune of $5,207 and tax charges of $4,090, as HousingWatch reported this spring. See interior photos below.
Reports indicate that the buyer is Two BB LLC, a firm that filed for formation on Aug. 16, according to a legal public notification ad. The LLC's principal office is listed as The Continuum, Eichner's privately held real estate investment company on Madison Avenue in New York City.

Eichner, who gave up several New York properties to lenders in the 1990s, and in 2008 defaulted on a $1 billion loan from Deutsche Bank to build a casino-resort in Las Vegas, is apparently not banking on getting to keep a four-bedroom condo he purchased earlier this year.

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In January, Eichner closed on a condo that fills the entire 52nd floor of the new-construction building One Madison Park, according to the Wall Street Journal. The price was $5 million, less than half the asking price a few years ago. The developers of the building, which is at the corner of East 22nd Street, agreed on that price on the condition that Eichner loan the developers $4.5 million when the contract was signed.

A few weeks later, when the lenders moved to file foreclosure, the building's developers named Eichner as a defendant in the suit.

Steven Wagner, Eichner's attorney, argued in court that New York state law says the first buyer of a new condominium is required to get the apartment free and clear of any building mortgages and liens against it. But the WSJ reported that the judge refused to dismiss the suit against Eichner, saying there were concerns about "whether the alleged condominium owners are bone-fide purchasers."

Alisa Balic, Eichner's assistant at The Continuum, told HousingWatch she did not know what the status was of Eichner's ownership of the One Madison Park condo.



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