Word: condominium
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...statements, the fat profits and the entire enterprise were part of an elaborate fiction. Instead of buying stocks for his customers, the SEC charged last week, Bloom used the $10 million to support a lavish life-style. He bought about $5 million worth of paintings, an $830,000 Manhattan condominium and a $2 million vacation house in posh East Hampton, Long Island. Bloom, who also owned a Mercedes-Benz and an Aston Martin convertible, went skiing in St. Moritz, paid up to $500 for a bottle of wine and bought a $195,000 diamond-and-platinum necklace that he said...
Preservation can set up a self-destructive cycle. When a historic neighborhood is restored, it becomes desirable and prices go up, and when prices go up sufficiently, developers think dollars per square foot, high- rise, wrecking ball. They wind up selling the view of a historic district from a condominium tower that has supplanted a piece of that history...
...even with rent control there are strong reasons for favoring the more affluent. Landlords can rely on them to pay their rents on time and to buy the units should the laws be changed to allow condominium conversion...
David J. may not buy his own unit because he moved in after 1979 and it is in good shape. So instead of buying the unit as a condominium, he must remain a rent-control tenant of his own grandfather...
When not teaching, Solow and his wife Barbara, an economic historian at Boston University (they have two grown sons and a daughter), divide their time between a waterfront condominium in Boston and a summer house on Martha's Vineyard. At the Vineyard, a 24-ft. sailboat is Solow's primary passion. He plans to use part of his $340,000 Nobel Prize money to equip the boat with a new Genoa jib. "I've been just a poor academic up to now," he says, noting that the value of his only other major asset, his share of the M.I.T. pension...