See our 2016 cover story on Schwazman, titled "The Master", Also see Schwarzman's comments for Forbes' 100th anniversary issue, This is a BETA experience. (Ms. Cardoso confirmed that Ms. Hochberg was laid off midway through the summer, along with about a hundred others.) "[18] Gray later contracted COVID-19 and sent CFO Michael Chae to the event instead.[19]. "Ive learned over the last 26 years that Jon Gray has great judgment, enormous energy and unique personal charisma, which has enabled him to garner enormous respect within the global financial community," he further said. (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. A prospective buyer for the home is scheduled to fly to the Hamptons this weekend for a tour, according to Schultz. Jonathan Gray built Blackstone's powerhouse $115 billion real estate business. It also gave heft to a new core investing platform that has a longer duration. Fittingly, the result is, as Adler says, "eccentric American glamour.". End-of-season prices and social-distancing requirements at the Montauk Clothing Company caused a line to form outside the store. WebJonathan Gray's House Sagaponack , New York (NY) , US Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the worlds largest manager of private equity and property. Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the worlds largest manager of private equity and property. Instead, she rummages through family trunks in the attic to create ever-more inventive looks.. Take a look inside the singled cottage she bought, renovated, and furnished in the 1990s. Jonathan D. Gray, global head of real estate at Blackstone Group. Big Edie quickly fell in love with Grey Gardens, which allowed her to enjoy a more relaxed and independent lifestyle. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Ms. Hochberg, 32, has professed a lifelong devotion to Montauk a setting both salubrious and glamorous, ideal for someone developing a personal brand in the lifestyle field. Tenant rights had already been buttressed by a law passed the previous year, the Housing Stability and Tenant Protection Act. Gray recently donated $10million to purchase a building in northern Manhattan which will serve as the organization's second elementary school. Regardless of why Grey Gardens lost its gilded luster, life went on as usual for a few years after the film wrapped production. (That filing, from April 2019, indicated that she owed the company $22,130.). But by 1913, she had sold it to the president of a coal company, Mr. Robert C. Hill. In 2016, it was reported that Gray was under consideration as Treasury Secretary for the incoming presidential administration of Donald Trump. Most notably, she imported ornate concrete walls from Spain to enclose the garden, where she planted climbing roses, lavender, phlox (a low-growing flower), and delphinium (a pale blue flowering plant). 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. In Hilton, Blackstone and Gray had a number of gut checks in which the firm doubled down and convinced limited partners to follow suit. 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. Thanks for contacting us. We insisted that he keep it as a street house because its so unique in the Hamptons, says Ceglic, a co-founder of high-end grocer Dean & Deluca, while sitting in a sunny parlor room at the apartment he shares with Fernandez-Casteleiro on lower Fifth Avenue in Manhattan. For the performance, Blackstone has been richly rewarded. Big Edie on her wedding day (left) and Little Edie posing in a white gown (right). Marisa Hochberg at a Wing event last year. (In a conversation with The New York Times, Mr. Hochberg played down his occupancy of the Berman-Schechters place. Radziwill was also in the process of producing a documentary about her childhood memories at Lasata and hoping her eccentric aunt, with her Long Island lockjaw and beautiful singing voice, would narrate the film. Its not a decorating story, he says, smiling. The Surf Lodge, a nightclub in Montauk, N.Y. She wanted this to be a personal matter and not have me involved, which I totally respect, Ms. Cardoso said. The challenge was to not make it look like we did too muchwe wanted it to look like we didnt do anything, says designer and artist Jack Ceglic. Location: Grey Gardens, 3 West End Road, East Hampton; listed for $17.9 million via Michael Schultz at Corcoran, 917-882-8338 Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Homes listings include vacation homes, apartments, penthouses, luxury retreats, lake homes, ski chalets, villas, and many more lifestyle options. And people are talking. The house had a very unusual appeal to meI cant really describe it, it just grabbed me, says homeowner Jonathan Sheffer of his beach-adjacent Sagaponack, New York, home, originally constructed in the 1880s. Designer Jonathan Adler and his husband, Simon Doonan, outfitted their New York house with warm and idiosyncratic interiors. I want to move on.. In June, Air Mail reported that a Hamptons realtor, Jonathan Davis, had trashed a property hed leased, and had refused to leave. 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. 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. 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. Outside the Berman-Schechters house, shortly after noon, a purple moving van was loaded up. The Prettiest Pink Flowering Trees for Your Yard, Use Vinegar to Clean Every Room in Your Home, Julianne Hough's Abs Are Fierce In A Naked Dress. After 30 years, Martha has sold her Hamptons residence on Lily Pond Lane. I can send her an email at 11 at night and she responds.. It was cold and rainy in Montauk that day. 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). Jonathan Gray started at asset manager Blackstone Group fresh out of college in 1992 and later rose to head the firm's vaunted real estate group. 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. 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. When the legislature enacted this law, Im sure that they did not intend to protect people in this way, renting units, houses in the Hamptons, for tens of thousands of dollars a month, said Steven Kirkpatrick, a partner at the Romer Debbas law firm in Manhattan who specializes in housing law. He is also on the boards of a hospital in Brooklyn and an Upper East Side synagogue, and has long been involved in community revitalization, in the Ridgewood neighborhood of Queens.). Stone. 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. In one of her books about her time there, Wright wrote, "Grey Gardens started to deteriorate. [37] This donation brings their total giving to the University of Pennsylvania to over $125 million. In 2018, he gave $23 million, ranking #49 on Forbes' America's Top 50 Givers. .css-d1h32f{color:#000000;display:block;font-family:Visuelt,Helvetica,Arial,sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;-webkit-text-stroke:0;}@media (any-hover: hover){.css-d1h32f:hover{color:link-hover;}}@media(max-width: 48rem){.css-d1h32f{font-size:1.0625rem;line-height:1.2;margin-bottom:0.3125rem;}}@media(min-width: 40.625rem){.css-d1h32f{font-size:1.125rem;line-height:1.2;margin-bottom:0.3125rem;}}@media(min-width: 64rem){.css-d1h32f{font-size:1.25rem;line-height:1.2;margin-bottom:0.625rem;}}What to Plant in July, Serena Williams Announces Pregnancy at Met Gala, All the Looks From the 2023 Met Gala, in One Place. In an interview with The New York Times, Lange reveals that there are still a few remnants from the Beale days, including a plot discreetly tucked away in the garden that reads "Spot Beale: A nobler gentleman never lived beloved by all who knew him died May 29th, 1942." The Suffolk County Board of Health mandated the Beales clean up Grey Gardens and threatened to evict them otherwise. He sits on its Management Committee and most of its investment committees. Of course, with fame comes public scrutiny and attention, so to this day, many fans wonder what exactly caused the women to succumb to this lifestyle, aside from sheer eccentricity. [11], In 2013, Gray helped create a business venture through Blackstone called Invitation Homes to buy foreclosed single-family houses and turn them into rentals. Though she was in her late 50s when the documentary was filmed, Little Edie a former model and an almost-actress wears her moth-eaten furs, busted skirts and worn-out frocks with the haughty confidence of a latter-day Karlie Kloss. The great mansion's walls offer far more than just beauty, whispering stories with valuable wisdom about weathering life's inevitable ebbs and flows. Across Wall Street, succession planning has been a major story for the past 18-months. Its happening all over the place, Mr. Killoran said. It eventually yielded a profit of many multiples of Blackstone's cost. Jonathan Gray built Blackstone's powerhouse $115 billion real estate business. Beale and her mother, Big Edie Bouvier Beale, famously lived together in the home on West End Road. 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. She and her husband, Matthew Schechter, bought property there in 2008. The property, which features ocean views, also includes a stucco cottage, heated pool and tennis court, in addition to the main home. (Calls to Ms. Cuomo, a highly followed wellness worshiper also devoted to the Hamptons, went unanswered.) It'd just be another house, or worse, a copy of another house." Last year, the firm sold Logicor for $14 billion in its biggest-ever real estate sale. In June, Air Mail reported that a Hamptons realtor, Jonathan Davis, had trashed a property hed leased, and had refused to leave. Ms. Cardoso was asked about the dispute, on the beach and at the hardware store, she said. The following year, in 1923, they purchased Grey Gardens. Jonathan Gray built Blackstone's powerhouse $115 billion real estate business. [15], In February 2018, it was announced that Gray would become president and chief operating officer of Blackstone, replacing Hamilton "Tony" James. 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. One gets the sense that the camera is simply observing the women living their lives, totally unprompted, and the house, becomes a character in its own right, mirroring the way the women stand out as high-society rebels, refusing to be policed by patriarchal expectations. Surf Lodge has nothing to do with it.. New York States Tenant Safe Harbor Act was intended to help those affected by the pandemic. Ken Caplan and Kathleen McCarthy will take Gray's role as co-heads of Blackstone's real estate operations. In private equity, firms like KKR, Carlyle, Apollo Global and Ares have all announced or set the stage for a second generation of leadership. Designer Jonathan Adler and his husband, Simon Doonan, outfitted their New York house with warm and idiosyncratic interiors. His fortune has jumped more than 50% this year to $5.9 billion. [5] In 1992, Gray graduated from the University of Pennsylvania magna cum laude with a B.A. That tumult proved to be an opportunity for the head of Blackstone's real estate business, billionaire Jonathan Gray. [42], In 1995, Gray married Mindy Basser at Temple Beth Zion Israel in Philadelphia; the ceremony was officiated by Rabbi Ira F. She left in 2011.) In that deal, Gray threaded the needle of fraught New York City politics and the scar tissue from Stuy Town's bankruptcy after a 2007 LBO. The East Hampton home known as Grey Gardens is on the market for $19.995 million. The Berman-Schechters are far from the only landlords who have had trouble getting short-term tenants to pay rent or leave their rentals during the pandemic. Blackstone Group Inc. President Jonathan Gray says now is a good time to invest in real estate and there are plenty of reasons why. 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. But what if that harbor is on the fancier side? 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. 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. Mr. Ricotta did not respond to phone calls or text messages seeking comment. She had three siblings, big brother William Sergeant Bouvier (who died of alcoholism in 1929), little brother John "Black Jack" Vernou Bouvier III (father to Jacqueline Kennedy Onassis and Lee Radziwill), and twin sisters Michelle and Maude Bouvier. Sadly, tension was emerging between Big Edie and her husband, who was embarrassed by her bohemian tendencies, which seemed to evolve further the more time she spent at Grey Gardens. 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. Then, at her son's wedding, she had a falling out with her father, who claimed he was angry over her "dressing as an opera star." On a text message thread with both Hochbergs after the call, she offered to help find Ms. Hochberg somewhere else to live. Now Blackstone, the industry's biggest player, is also laying out its succession plans. This summer, the Berman-Schechters house became an idyllic setting for her endorsements, like acupuncture services, hair dryers and tanner. Thanks to her, Grey Gardens was like a phoenix rising from the ashes, and the Bradlee Quinns enjoyed it in all its original glory as a family vacation home until 2017. A meticulous renovation vanquished the vermin and brought Grey Gardens back to life. [27][29] In May 2012, Gray and his wife, Mindy Gray, founded the Basser Research Center,[30] named in honor of Mindy's sister, Faith Basser, who died of ovarian cancer at age 44. 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. Big Edie was professionally trained as a singer and pianist but was discouraged from pursuing her talents professionally, and instead, urged to wed. By 1917, when Big Edie was 22, she married 36-year-old Phelan Beale Senior, a future law partner at her fathers firm. 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. 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. The new institute will look for innovative ways to detect and treat BRCA-related cancers before surgery, radiation or chemotherapy become the necessary treatment. Martha Stewart's Hamptons House Tour Photos. WebWe would like to show you a description here but the site wont allow us. The Berman-Schechters said that afternoon that they had gotten their key back, but that they still hadnt been paid. 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 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. Gray runs Blackstone's real estate business and is the latest billionaire to emerge from the worlds largest manager of private equity and property. Ms. Hochberg also suggested that she had likely become infected with Covid-19 while working an event at the Lodge in August as a contractor, after having been laid off. I've never been so excitedI even started smoking again," Quinn laughed. [citation needed] In 2019, the Grays announced a $10 million gift to support first-generation, low-income students attending the University of Pennsylvania. Also that afternoon, a representative of the property group that manages the Oriana, the Manhattan apartment building, said that the group would not comment. Trust me, my husband has asked me the same thing.. Ever-protective of her establishments relationship with locals, she called Ms. Berman-Schechter to find out what was going on. Four years after a billionaire demolished his former boss' Hamptons house to build a bigger and better one, the sprawling oceanfront mansion is complete. Added James, also a billionaire, "One of my most important responsibilities is succession, and I am blessed to have a spectacular leader and investor like Jon Gray to whom I can hand the reins.". From this garden, a view of the surrounding dunes, cement walls, and sea mist created a lovely pastel color story that inspired the homes subsequent name, Grey Gardens. in English from the School of Arts & Sciences and a B.S. The homes owner, composer and conductor Jonathan Sheffer, a friend of the couple who had secured Ceglics help on two prior projectshis East Hampton house, where he lived for two decades, and a townhouse on West 10th Street in Greenwich Villageknew they were the perfect match. 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. 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 When filming officially began in 1973, Big Edie and Little Edie had moved two twin beds into one upstairs bedroom that was easier to heat than the primary bedroom. Ms. Berman-Schechter had never before run into this kind of tenant trouble. Even though Grey Gardens passed its inspection, the conditions were once again bleak, which is evident in the movie. [39] Gray serves on the board of The Trinity School, as well as on the board of Harlem Village Academies,[40] a group of charter schools in New York City. According to artist Peter Beard, then boyfriend of Lee Radziwill, the inspectors sprayed a firehose through the house, causing further damage, and traumatizing both women. [9], Gray was named in Fortune's "40 under 40,"[10] in 2009. Im very surprised that this happened, she said. It was at her new home that Edith would fully cultivate her bohemian ways. Hes speaking of his recently completed two-year restoration of a 19th-century shingled house near the ocean in Sagaponack, New York, one of the quieteralbeit most sought-afterHamptons hamlets. The East Hampton home known as Grey Gardens is on the market for $19.995 million. The appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership," said Blackstone's billionaire co-founder and CEO Stephen Schwarzman. He is also chairman of Hilton Worldwide . Though its silver screen debut thrust Grey Gardens into the spotlight, the home has been the subject of rumors and gossip since before it was even built. 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). White spray shot up from the Long Island Sound, visible from the Montauk highway. [7], Gray led Blackstone's LBO of Hilton Hotels, which became the most profitable private equity real estate deal ever, earning $14 billion for the firm's investors. Robert Marcincuk, of OShea, Marcincuk and Bruyn in Southampton, said he had 10 landlord clients with tenant headaches there. And when I say squalid, I mean raccoons-eating-the-bannisters, hoarders-level squalid. Quinn is now selling the home, listing it for $17.9 million with Corcoran. Old houses have feelings." WebJonathan (Jon) Gray is President and Chief Operating Officer of Blackstone, and is a member of Blackstones Board of Directors. [27], In February 2023, the Grays were named to The Chronicle of Philanthropys list of the 50 biggest donors in 2022. What Actually Happens at the Met Gala Inside? (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. At one of their favorite old haunts, the Sea Spray Inn, they met Tom Logan, an ex-rodeo cowboy whom they invited to live at the house in exchange for help maintaining it. They had three children: Little Edie (1917), Phelan Beale, Jr. (1920), and Bouvier Beale (1922). Throughout the '40s, she continued living in Manhattan, occasionally visiting her mother in East Hampton, and even had a stint in Palm Beach. 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. 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. The landscape designer, Edwina von Gal, had all of the plants removed and put back after the renovation. So I think this is the best costume for today., Drew Barrymore and Jessica Lange in HBOs Grey Gardens., Tom Corbett; Herb Goro / Courtesy Everett Collection. She did not aggressively pursue the missing rent. Capturing their life within this room and the beautiful landscape surrounding their ramshackle home, the resulting piece is beautiful and funny thanks to Big and Little Edies iconic campy style, but also tragic. 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. Well, not quite alone. The lush grounds throughout were conceived by famed landscape designer Edwina von Gal in concert with Ceglic and Fernandez-Casteleiro. 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. When Ms. Berman chooses tenants, she hopes to find people who respect the places history. He is also chairman of Hilton Worldwide . 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. Anyone can read what you share. 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. [6] Gray withdrew his name from consideration[21] and Steven Mnuchin was eventually nominated and confirmed. Ad Choices, For Hollywood composer Jonathan Sheffer, designer Jack Ceglic and architect Manuel Fernandez-Casteleiro painstakingly updated a Sagaponack home without leaving a trace. [17] On 22 October 2022, The Wall Street Journal released an article by its editorial board in its printed edition, titled "Wall Street and Hong Kong's Strongman," mentioning Gray's name, and saying that "These executives may feel they have assets to protect in the city, but by kowtowing to Mr. Lee they are doing their reputations, and that of their companies, no good. I honestly dont have a great answer, Ms. Berman-Schechter said when asked why she was not more concerned then. [26], As of 2018, Gray had donated $120 million in his lifetime. In a court filing, Mr. Daviss landlords, Giancarlo Bonagura and Paula Rosado, accused him of overstaying his lease because he believed that the tenant laws passed during the pandemic would leave them with no legal recourse. The Hills spent ten happy years there, lovingly maintaining the property before selling it in 1923 to the owners who would ultimately make the house famous, Big and Little Edie Beale.
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