The Blackstone CEO, Stephen Schwarzman, was paid $400 million (over $1 million a day) in 2006, the year he sold Rincon Center. While raising low-income tenants' rents excessively, he set the record by paying the most ever spent for a single New York apartment. According to the 'New York Observer' he paid over $35 million for--not the building--just his apartment at 740 Park Avenue. It has a 60-foot-long entrance gallery (right), a library with paneling older than the United States, and a dining room that seats 48. He hosted a Republican fundraiser at the apartment in April 2007 that his friend Pres. Bush attended.
Schwarzman co-founded the Blackstone Group with its current chief operating officer, Pete Peterson, who was part of Richard Nixon's cabinet. He was paid $212 million in 2006.
The Blackstone Group was part of a PBS 'Frontline' investigative report called "Murder, Money & Mexico." Read correspondent Lowell Bergman's report on Blackstone at the PBS Web site.
In 2005 Glenborough Realty Trust sent illegitimate eviction notices to the poorest tenants at Rincon. The letters said the building might go condo, but it never did. To its credit, the SF Redevelopment Agency stepped in and told Glenborough to rescind the eviction notices.
Glenborough has commercial properties all over the country. This is the Glenborough board: Senator Dianne Feinstein's husband, Richard C. Blum. Patrick Foley of DHL. Laura Wallace, the Chief Investment Officer of the Public Employees Retirement System of Nevada. Robert Batinovich, the Chairman of the Board of Glenborough Realty. Andrew Batinovich, President and Chief Executive Officer of Glenborough Realty. Richard A. Magnuson, an Executive Managing Director at CB Richard Ellis Investors.