Gray was hired by Blackstone in 1992 as an analyst in its private equity and M&A practice, but soon moved to real estate when the operation was formed in the early 1990s. [29], In October 2022, the Grays announced a gift of $55 million[36] to establish the Basser Cancer Interception Institute as part of the Basser Center for BRCA. This summer, the Berman-Schechters house became an idyllic setting for her endorsements, like acupuncture services, hair dryers and tanner. Ms. Berman-Schechter had never before run into this kind of tenant trouble. After the Berman-Schechters lawyer filed a petition asking a court to compel Ms. Hochberg to leave the house, Ms. Hochbergs lawyer, Christopher McGuire, used the 2019 tenant protection act to argue for dismissal. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. Then she asked Ms. Hochberg. Later she sent a New York Post article about moneyed tenants who had taken advantage of the law. For the performance, Blackstone has been richly rewarded. [35] In July 2019, it was announced that the Grays would donate a further $25million for research on pernicious genetic mutations that can lead to breast and ovarian cancer. It had an abandoned quality to it, likely because the women sold some furniture and lived exclusively on the upper floor. There was cat shit all over the walls and the smell and filth were unbelievable, but we both saw it the way it once was," past the veneer of very unglamorous things (including literal skeletons), so she bought it $220,000. It was at her new home that Edith would fully cultivate her bohemian ways. She also faced similar scrutiny for these qualities and was raised to believe that her primary value was her marriageability, as she'd need a husband to support her. Though a gem of a project, Ceglic and his partner in life and in business, architect Manuel Fernandez-Casteleiro, carefully considered its scope before taking it on. He really began to garner major attention on Wall Street during the LBO boom of the mid-2000s when, as co-head of the unit, he oversaw the joint takeover of Trizec and the LBOs of Equity Office Properties and Hilton. They split their time between Lasata, the East Hampton compound that became famous for its connection to Onassis, and their Manhattan family home, which stood on the plot where the famed Carlyle Hotel is today. His fortune has jumped more than 50% this year to $5.9 billion. Not only is she stylish, she is also werking it! With Blackstone's shuffle, there's been change atop most major financial institutions. The caption read: Ive heard September is the new August . His fortune has jumped more than 50% this year to $5.9 billion. Radziwill's movie was scrapped (it was later released as That Summer in 2018) and focus shifted to Big and Little Edie, who were happy to deliver an Oscar-worthy performance. When you leave the house, theres a big vista of the pool, then a big vista of the vegetable garden, then a big vista back to the house, he says, Its like a DNA helix, or a nautilus, expanding with each new space. The 1.2-acre property, which feels much larger thanks in part to neighboring protected fields, includes a toolshed turned studio, a pool house, a gym, and a barn-cum-guest house. The Grays donated $25million to create the Basser Research Center, which focuses on cancer prevention, treatment, and research of BRCA-related, genetically-inherited cancers. Last year alone, the division sold $24.5 billion in property and made $20 billion worth of new investments. Jonathan Gray's House In the intervening decades, Grey Gardens has been relentlessly mined as a source of inspiration. The razzle-dazzle of Grey Gardens cannot be overstated; even in its disrepair, anyone with an imagination could envision its illustrious potential. All rights reserved. While a few others are captured spending time at the mansion (Brooks, a handyman, Jerry, a young errand boy and companion, and Lois Wright, a local good friend of the family and occasional roommate), the women are mostly seen alone. The mansion of Edith Bouvier Beale at West End Road in East Hampton, Long Island known as Grey Gardens, July 23, 1972. New York States Tenant Safe Harbor Act was intended to help those affected by the pandemic. WebJonathan D. Gray (born February 4, 1970) is an American billionaire businessman and the president and chief operating officer of Blackstone Group, a New York-based asset management firm. the glitz (and noise) of the neighboring Hamptons, an article published in The New York Post, a letter published on his synagogues website about the importance of charity. Under 1,500 Square Feet: 9 Small Homes in New York City and Beyond, Heres what small-space living looks like, from Brooklyn to Georgia, Cape Cod House: Everything You Need to Know About These Quintessential New England Homes, Starting as humble dwellings for fishermen and sailors, these summer houses were, ironically, first built to help brave the winters but now scream summer, Waterworks Expands Best-Selling Collection, Peter Pennoyer Architects Launches New Division, and More News, A Dated Brown Bathroom Becomes a Modern-Day Retreat, Midcentury vibes dominate this Massachusetts reno, in which the square footage more than doubled. Jonathan Gray's House Ms. Hochberg said in a text message that her family has owned property in Montauk for 35 years. WebJonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. A month ago, JPMorgan named two co-presidents and co-COO's, sharpening its succession plans for when CEO Jamie Dimon steps down. Ms. Cardoso said that after a Covid-19 scare at Surf Lodge that month, Ms. Hochberg had been tested twice, with negative results. Jonathan Adler and Simon Doonan But, after a bad fall in 1977, Big Edie suffered a badly broken leg, which went untreated. Grey Gardens owners Sally Quinn and Ben Bradlee. [5] His parents divorced when he was young. By the 1960s, the Beales had grown more reclusive and paranoid (though Little Edie left to attend JFK's inauguration), partially because Big Edie was developing arthritis, and partially because of a robbery while the two were out at a party. Gray's seminal deals like thetakeovers of Equity Office Properties and Two years after purchasing the lot at 3 West End Road in 1895, F. Stanhope Phillips and his wife, newspaper heiress Margaret Bagg Phillips, commissioned renowned architect Joseph Greenleaf Thorpe to build their dream home. Jonathan D. Gray (When she and her husband bought the property, she was working as a digital product manager for The Times, a role on the business side of the organization. In one of her books about her time there, Wright wrote, "Grey Gardens started to deteriorate. About Big Edie Quinn and Bradlee, who passed away in 2014 at the age of 93, purchased the roughly 6,000-square-foot home in 1979 from Little Edie Beale, a cousin of Onassis. Otherbig recent deals include the $18 billion acquisition of GE's real estate assets and the purchase of Stuyvesant Town / Peter Cooper Village, an 80 acre property with 11,200 units in Manhattan. The Berman-Schechters say they made multiple attempts to settle with Ms. Hochberg, to no avail. There was one more deal to work out: "I told [Little Edie] she could leave it broom clean, or she could leave all of the furniture and everything in it," Quinn divulges. The move is part of a careful succession at Blackstone. Four years after a billionaire demolished his former boss' Hamptons house to build a bigger and better one, the sprawling oceanfront mansion is complete. Among Gray's big philanthropic endeavors are his alma mater UPenn, where he's donated $30 million to support cancer research. In May, they signed a lease that ran from June 1 to Aug. 8. Jonathan (Jon) Gray, president and COO of the Blackstone Group, vaulted into the ranks of the worlds 500 richest people after shares of the investment giant have soared amid a flurry of dealmaking and strong earnings. Listen to the episode here. I honestly dont have a great answer, Ms. Berman-Schechter said when asked why she was not more concerned then. https://www.nytimes.com/2020/10/23/style/tenant-safe-harbor-act-hamptons.html. Looking back, he says, by respecting the house and its history and vintage, they really poured themselves into the style of the house as opposed to imposing any sort of rigor on it. Indeed, a visitor to the home is, by design, not meant to perceive that an arduous sculpting process was involved in the renovation, which comprised removing a number of additions created in the 20th century so that all that remained was the 2,000-square-foot, original footprint (and one add-on built in the 1920s). Upon introducing the Maysles brothers to Big and Little Edie at Grey Gardens, they started filming immediately. The Suffolk County Board of Health mandated the Beales clean up Grey Gardens and threatened to evict them otherwise. With celebrities including Jaden Smith, Leonardo DiCaprio, Taylor Swift, Khloe Kardashian and Tiffany Trump among its customers, Surf Lodge has brought the glitz (and noise) of the neighboring Hamptons to The End. Martha Stewart I can send her an email at 11 at night and she responds.. [41] In 2021 the Gray Foundation contributed $15 million to a program that opens a college savings account with $100 for every child enrolled in New York City public kindergartens. On Tuesday, that speculation sharpened when Blackstone named Gray as president and chief operating officer, putting him in charge of the day-to-day management of the $434 billion in assets investing giant. I've never been so excitedI even started smoking again," Quinn laughed. Understated Beach House That Artfully Breaks Convention in Zillow The Berman-Schechters lawyer, Brian Lester, withdrew the initial suit, which had been unsuccessful in prompting a settlement, and filed another to seek possession of the house and also to recover damages. Even with his help, from the outside, passersby saw the once-tidy gravel driveway was now thickly overgrown and occupied by an abandoned car that looked like scrap metal, a key left in the ignition. 'Little' Edith Bouvier Beale, left, a cousin of Jacqueline Kennedy Onassis, at home with her mother, 'Big Edie,' in Grey Gardens, a run-down mansion in East Hampton, New York, 1975. Gray has been a major Democratic donor, backing Hillary Clinton in 2016[21] and several Democratic presidential candidates in the 2020 election[22][23][24][25], The Gray Foundation was launched in 2014, focusing on inherited BRCA mutations and increasing access to education and healthcare for low-income youth in New York City. They put her picture up and wrote all kinds of crazy things. He called the Berman-Schechters nasty and vengeful and said that they were trying to harass his family for money. Occupied at the time by high-society dropouts "Big Edie" and "Little Edie" Bealeaunt and cousin of Jacqueline Kennedy Onassisand their 52 cats, the dilapidated mansion came dangerously close to demolition. The 1.2-acre property, which feels much larger thanks in part to neighboring protected fields, includes a toolshed turned studio, a pool house, a gym, and a barn-cum-guest house. Edith Bouvier Beale with a feline friend at Grey Gardens in 1972. Bradlee was allergic to cats and walked out choking within minutes (they found 52 dead feral cats around the property), so Quinn ventured in on the balmy August afternoon alone. Jonathan Gray Four years after a billionaire demolished his former boss' Hamptons house to build a bigger and better one, the sprawling oceanfront mansion is complete. Jonathan (Jon) Gray, president and COO of the Blackstone Group, vaulted into the ranks of the worlds 500 richest people after shares of the investment giant have soared amid a flurry of dealmaking and strong earnings. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Hamptons In the end, Ceglic is emphatic about the fact that, for this project and any other he works on, the focus is solely on the inhabitants and realizing for them what they perhaps couldnt communicate for themselves. Martha Stewart's Hamptons House Tour Photos. Marisa Hochberg at a Wing event last year. [31] This donation also established the Basser Global Prize,[32] honoring cutting-edge cancer research. Then she brought in the furniture, including beautiful iron beds and clawfoot tubs, and everything that couldn't be restored was duplicated to evoke the period. Blackstone Group Inc. President Jonathan Gray says now is a good time to invest in real estate and there are plenty of reasons why. from the Wharton School. Grey Gardens pictured in the early 1900s during the Hill ownership. Because I dont like women in skirts, and the best thing is to wear pantyhose or some pants under a short skirt, I think and you can always take off the skirt and use it as a cape. In January 2014, the Basser Research Center announced an additional $5million gift from the couple to fund an external research grant program. The Real History Behind Grey Gardens, the Most Infamous Mansion in the Hamptons There's Gilded Age glamour, connections to the Kennedy dynasty, and raccoon skulls? "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. Through an intermediary, she told the Berman-Schechters that she would move out on Oct. 12. Jonathan Adler and Simon Doonans art- and design-filled summer home is a place for both creativity and downtime. Architectural Digest may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. In the early 1920s Phelan and Edith purchased the Grey Gardens mansion located at the corner of Lily Pond Lane and West End Road in East Hampton, Long Island. She wanted this to be a personal matter and not have me involved, which I totally respect, Ms. Cardoso said. She wrote that The End a nickname for Montauk has this special aura surrounding it the water and the bucolic setting of the lighthouse, the greenery and the rich history. Photographer: Victor J. [+] Blue/Bloomberg Jonathan D. Gray. After the crisis, Gray's unit oversaw the creation of Invitation Homes, the nation's largest single family home rental firm, which now carries a market cap exceeding $11 billion. At the time of the raid, Radziwill lived in Montauk, so she and Onassis, along with her wealthy husband, Aristotle Onassis, pitched in to make repairs. [14] The firm would later come under criticism for its business model, and US Senator Elizabeth Warren criticized Blackstone for "shamelessly" profiting from the 2008 housing crisis. After 30 years, Martha has sold her Hamptons residence on Lily Pond Lane. Jonathan Gray Links: www.bloomberg.com 12,388 views Unrated Categories Buildings > Residential Comments Policies Please log in if you don't want to post anonymously (anonymous users cannot Big Edie quickly fell in love with Grey Gardens, which allowed her to enjoy a more relaxed and independent lifestyle. [5] He was elected Phi Beta Kappa. Homes listings include vacation homes, apartments, penthouses, luxury retreats, lake homes, ski chalets, villas, and many more lifestyle options. (Ms. Hochbergs father, a retired liquor retailer, is on the board of directors for a high-rise called Montauk Manor, where he also owns an apartment, a four-minute drive from the Berman-Schechters home. And so began the restoration process, which, of course, required more than just refurbishing furniture. But during a summer like no other, cases of wealthy squatters attracted public attention. White spray shot up from the Long Island Sound, visible from the Montauk highway. A prospective buyer for the home is scheduled to fly to the Hamptons this weekend for a tour, according to Schultz. A spokeswoman at his real estate firm, Nest Seekers, declined to comment. By the early 1930s, the pair separated, though according to census records, Big Edie still employed a household staff, including a live-in cook, a chauffeur, two housekeepers, and a governess. They gave her $300 a month for herself and Little Edie (about $4,500 today), which wasn't enough to employ staff at Grey Gardens. [28], The Grays have donated over $150 million to BRCA cancer research. She even met a famous Broadway producer who invited her to audition for a rolebut because Big Edie couldnt afford to keep supporting her, she returned to East Hampton, missing the opportunity. In early August, she planned to give the house over to family friends: college professors who rent it every summer. Nothing is hidden, and on display are pieces of artwork from homeowner Jonathan Sheffers collection, including pieces by Elliott Puckette, James Rosenquist, Nick Zdon, Beverly Pepper, and Billy Sullivan. Then, unexpectedly, a true fashion visionary walked down the runway and wiped that smirk right off your face. The home is the subject of countless legends and rumors, but even in its dilapidated state during the mid-20th century, one could argue that it thrivedand it is certainly thriving today. Deer roam freely on a property in Montauk, N.Y., owned by Cheryl Berman-Schechter and her husband, Matthew. This beach house that architect Jonathan Marvel designed for clients along a lesser-known stretch of Great Peconic Bay is the essence of modernism, boasting sleek lines, a copper roof, and idiosyncratic fenestration. WebJonathan D. Gray (born February 4, 1970) is an American billionaire businessman and the president and chief operating officer of Blackstone Group, a New York-based asset management firm. The thought of a summer at that storied East Hampton house the site of this Alexa cover shoot sent my mind leaping to late-1970s New York. [33] Town & Country (magazine) noted this work in its "Top Philanthropists of 2016" feature, in which the Grays were included. We may earn commission from links on this page, but we only recommend products we back. By that point, court records show, Ms. Hochberg was already embroiled in a legal battle with the Berman-Schechters, who found they had little leverage to remove her from the property. Now Blackstone, the industry's biggest player, is also laying out its succession plans. In 1992, Gray joined Blackstone's mergers and acquisitions and private equity group,[5] and joined its newly formed real estate private equity group the following year. [12][13] The Wall Street Journal reported that Gray went on the biggest home buying spree in history after the foreclosure crisis, spending $10billion in the company's first four years. With a shingled exterior, sage green shutters, diamond-cut Arts & Crafts-style windows, and lush grounds, you may recognize Grey Gardens from its namesake 1975 documentary film, which features the estate at the time when it was veiled in layers of grime and littered with raccoon skullsor, perhaps this is your first introduction to the national treasure. Old houses have feelings." The Hamptons On June 15, when it came time for her to pay the $14,450 that constituted the second half of her rent, she did not pay, the Berman-Schechters said in multiple court filings. Though friends and family attempted to get her medical help, she refused, and Big Edie passed away from pneumonia at the age of 82 at the hospital. Jonathan Adler and Simon Doonans art- and design-filled summer home is a place for both creativity and downtime. [8] Gray continues to act as Chairman of the Board of Hilton Worldwide, which went public in December 2013. Gray's real estate business now counts $115 billion in assets under management, a more than sixfold increase from before the crisis. There are a few viable theories that attempt to understand them (some of the most compelling being black mold and toxoplasmosis), but it's all armchair theorizing, and we'll never really know what drove the "promising young women" of yesteryear to such unexpected circumstances (but perhaps our desire to diagnose and label them as deviant is more worthy of investigation). The story of the mother-and-daughter duo and their rambling home later inspired a 2006 Broadway musical and an HBO movie starring Drew Barrymore and Jessica Lange, who won an Emmy in 2009 for her role. But during my own recent Grey Gardens sojourn, while Liz was renting the place, I spent many delirious weekends retracing the steps of my idol. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. Luxurious Beach House That Redefines Modernism Inside an Eclectic Retreat on Shelter Island He sits on its Management Committee and most of its investment committees. She and her husband, Matthew Schechter, bought property there in 2008. It also bundled logistics and warehouse assets together, building Logicor the largest logistics and distribution company in Europe. Youre going to kick an almost 91-year-old man out in the middle of a global pandemic? she texted. (Ms. Hochberg had agreed in May to pay $31,750 for her stay in Montauk.). Beautiful and vibrant, Little Edie had a lot in common with her mother, including a passion for literature, theater, and performing. Christian Killoran, the president of Killoran Law in Westhampton Beach, said he has over half a dozen clients in the Hamptons in a similar situation to the Berman-Schechters. He then quoted her fathers words on one of Ms. Hochbergs Instagram posts. in English from the School of Arts & Sciences and a B.S. Homes listings include vacation homes, apartments, penthouses, luxury retreats, lake homes, ski chalets, villas, and many more lifestyle options. The landscape designer, Edwina von Gal, had all of the plants removed and put back after the renovation. Within an hour, it was gone. He sits on its Management Committee and most of its investment committees. Billionaire completes Hamptons mansion after tearing Designer Jonathan Adler and his husband, Simon Doonan, outfitted their New York house with warm and idiosyncratic interiors. Just over a year ago Goldman Sachs, headed by Lloyd Blankfein, named investment banker David Solomon and CFO Harvey Schwartz as co-presidents, firming up its succession plans. (Click here to see a photo of the cottage before the grounds were developed by the next owners.). In June, Air Mail reported that a Hamptons realtor, Jonathan Davis, had trashed a property hed leased, and had refused to leave. Anytime you have a law, theres going to be some bad people who take advantage of it, but there are so many thousands maybe millions in New York State who will be helped by the Safe Harbor Act, she said, emphasizing that the protection only extended to January 1. While Gray sees challenges in parts of the retail real estate market, he continues to be bullish on residential real estate because new supply is not keeping up with demand across the U.S. I dont think new tenants would want a Covid-infested house? she wrote in an email on Aug. 7. (He said that he took the account down after a day because he was concerned it was spurious.). Jonathan Gray built Blackstone's powerhouse $115 billion real estate business. They moved into an apartment on the Upper East Side, complete with a full staff, including personal chauffeurs (click here to see one of the Beale's 1920s automobiles in front of Grey Gardens). The circumstances that led each Edie to Grey Gardens point to their divergent attitudes about it: On one hand, it was their last remaining refuge, but on the other, it was holding themalong with their dreams of the stagecaptive. (And, either way, you thought you looked pretty damn fabulous.). In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. So, Quinn convinced everyone to get on board, and the project wrapped in a year. Fittingly, the result is, as Adler says, "eccentric American glamour.". Big Edie on her wedding day (left) and Little Edie posing in a white gown (right). Listen to this week's episode of our haunted house podcast series, Dark House, for exclusive ghost stories and insights into the home's compelling history. Later that day, Ms. Hochberg responded to The Times, calling the story fake news. She did not answer follow-up questions about her extended summer. My daughter wants to sue them, Mr. Hochberg told The Times. I have lost count of the number of times I have tied a blouse around a mannequins head during my decades at Barneys. Martha Stewart's Hamptons House Tour Photos. [31], In 2016, Gray was named to Vanity Fair's "New Establishment" list.[44]. Jonathan Adler and Simon Doonans art- and design-filled summer home is a place for both creativity and downtime. These incidents caught a neighbor's attention, who pitched the story to New York Magazine. succeeded, a contrast to competitors' troubles withCaesars and Archstone. But by 1913, she had sold it to the president of a coal company, Mr. Robert C. Hill. Each sale listing includes detailed descriptions, photos, amenities and neighborhood information for The Hamptons. When on Yom Kippur, the solemn Jewish holiday of repentance, Mr. Hochberg had a letter published on his synagogues website about the importance of charity, Mr. Schechter made an Instagram account with the handle @lyingmarissa using an image of Ms. Hochberg as the profile picture and misspelling her name. Beard connected her with filmmakers David and Al Maysles, who released the hit about the Rolling Stones, Gimme Shelter, in 1970, to help bring it to life. When private equity giant Blackstone Groupwent public in 2007, fewerthan a quarter of its $79 billion in assets under management were tied to real estate. When she's not busy writing about interiors, you can find her scouring vintage stores, reading, researching ghost stories, or stumbling about because she probably lost her glasses again. It seemed like such a headache that Quinn's friends and loved ones even staged an intervention, but she was determined. It was at her new home that Edith would fully cultivate her bohemian ways. [1] He is also chairman of Hilton Worldwide.[2]. Jonathan Gray's House He will oversee Blackstone's operations, which span private equity, credit investing and hedge funds, reporting directly to CEO Schwarzman. Outside the Berman-Schechters house, shortly after noon, a purple moving van was loaded up. And when Ms. Hochberg did not pay in June, Ms. Berman-Schechter was in the midst of relocating from Bogot, which was almost entirely shut down because of the coronavirus, to a farm an hour and a half away, where her two sons could be outside. Four years after a billionaire demolished his former boss' Hamptons house to build a bigger and better one, the sprawling oceanfront mansion is complete. Links: www.bloomberg.com 12,388 views Unrated Categories Buildings > Residential Comments Policies Please log in if you don't want to post anonymously (anonymous users cannot Across Wall Street, succession planning has been a major story for the past 18-months. Either you were wearing black leather to the Mudd Club or sparkles to Studio 54. Understated Beach House That Artfully Breaks Convention in Early in her career, Ms. Hochberg worked on a series of wellness events in the Hamptons and Montauk for corporate clients. Blackstone Group Inc. President Jonathan Gray says now is a good time to invest in real estate and there are plenty of reasons why. While Gray sees challenges in parts of the retail real estate market, he continues to be bullish on residential real estate because new supply is not keeping up with demand across the U.S. In the early 1930s, Little Edie was 13 and attending Spence, but her family decided to board her at Miss Porters, the Connecticut finishing school Onassis and Radziwill also attended. The home known as Grey Gardens was listed Thursday on behalf of Sally Quinn, the Washington, D.C.-based journalist, socialite and widow of Washington Post executive editor Ben Bradlee. But what if that harbor is on the fancier side?
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