Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord, who, in a made-for-the-tabloids twist, is a former model.

Viking Global Investors’ Paul Enright paid more than $1 million to rent a Manhattan townhouse from Brenda Schad—better known in some quarters as “Miss Wonderbra.” But Enright complained that he and his family were never given access to the basement of the East 19th Street house, and that the backyard was rendered useless by a rat infestation.

Enright, who lived in the 4,120-square-foot home for four years, moving into a $25 million Park Avenue apartment last year, now wants $621,000 back from Schad, demanding a refund for 32% of the home’s square footage—the basement and backyard—and an additional 25% for other problems with the building, including a leaky roof.

For her part, Schad called the lawsuit “frivolous” and called Enright “a very difficult tenant.”

She told the New York Daily News that the Enrights routinely refused to give her access to the $5 million home when she came to New York to deal with the issues. But in spite of their complaints about the house, they twice threatened to remain in the home as “holdover tenants”—paying no rent—when she refused to renew their lease.

What’s more, Schad said, the Enrights did damage to the home that “went beyond the normal wear and tear.” And, she added, the lease never offered them access to the basement.

As for the rats, Schad says, “It’s New York City!” She blamed the problem on a construction project down the block.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.