Wall Street’s big bonus culture
Posted by Tanya Hutchens
Of course, the first status residence is in Manhattan, and bankers are already starting to check out the goods in advance of their windfall. They’re putting up huge down payments, which has helped the $3 million to $5 million sector of the city’s housing market to rebound, said Pamela Liebman, CEO of New York-based brokerage firm Corcoran.
At the low end, they can score a three-bedroom, two bath condo right on Central Park or a tony address on Fifth Avenue. The more adventurous poet-at-heart bankers can tap out buying a five-story Queen Anne on the Upper West Side or head to the once-bohemian East Village for two joined buildings that boast an owner’s triplex with a stunning terrace — and income-generating apartments and businesses below.
Of course, many Wall Streeters already own their Manhattan dream homes, so they’ll spend their extra money revamping their primary residences, Pedraza said.
A makeover by a well-respected interior decorator can run at least $150,000 — but usually is more like 30% to 40% of the bonus. Think: Charlie Sheen hiring Daryl Hannah to give his new condo — and life — a high-rent makeover in the 1987 flick “Wall Street.”
