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Corzine’s Hoboken Penthouse Sells at a 14% Loss for $2.8 Million

Maxwell Place in Hoboken, New Jersey. Photographer: Stephen Hilger/Bloomberg
Maxwell Place in Hoboken, New Jersey. Photographer: Stephen Hilger/Bloomberg

May 25 (Bloomberg) -- A Hoboken, New Jersey, penthouse belonging to Jon Corzine, the former chairman of bankrupt MF Global Holdings Ltd., sold for $2.8 million, 14 percent less than what he paid for it in 2008.

The buyer of the 2,400-square-foot (223-square-meter), two-bedroom apartment is listed as POJ Holdings LLC, which paid in cash, according to Kevin Dowd, a broker with Prudential Castle Point Realty in Hoboken, citing the multiple listing service. Dowd wasn’t involved in the deal, which was completed on May 7.

Corzine, a former governor of New Jersey and co-chairman of Goldman Sachs Group Inc., bought the apartment in November 2008 for $3.26 million, according to property records. He sought $2.9 million when he put it on the market in January. The penthouse, in Toll Brothers Inc.’s Maxwell Place complex, has has floor-to-ceiling windows with views of the Hudson River and the Manhattan skyline, according to the listing by Jessica O’Connor Williams, a broker with Prime Real Estate Group in Hoboken.

“At the time that Corzine purchased the property it was clearly the No. 1 luxury property in Hoboken,” Dowd said. “Top floor, direct, smack-you-in-the-face views of the city. You really can’t beat that.”

The apartment, which includes Viking kitchen appliances and a Jacuzzi in the master bathroom, has a $1,700 monthly maintenance fee. Property taxes in 2011 were $38,003, according to the listing. That bill made Corzine one of Hoboken’s top 10 taxpayers, Dowd said.

Steven Goldberg, a spokesman for Corzine, declined to comment. O’Connor Williams said she couldn’t immediately comment.

MF Global, a New York-based futures broker, filed the eighth-largest U.S. bankruptcy on Oct. 31 after making bets on European sovereign debt and getting margin calls. Corzine testified before Congress in December about MF Global’s failure.

To contact the reporters on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net; Prashant Gopal in New York at pgopal2@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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