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A sports car executive has managed to steer a Wall Street bigwig to his Park Avenue penthouse.
Louis Camilleri, the former chief executive of Ferrari, has sold his five-bedroom triplex penthouse at 470 Park to Michael Boublik, a Morgan Stanley managing director who chairs the investment bank’s regional mergers and acquisitions division, according to city property records.
Boublik and his wife, Miriam, a management consultant turned philanthropist who has worked to end homelessness in New York, paid $8.2 million for the co-op, which spans nearly 5,000 square feet indoors and features an additional 2,000 square feet of terraces.
The apartment also offers six full baths and one half-bath, a living room with a fireplace and a skylight-topped passageway that under Camilleri’s ownership was lined with art and a Ferrari engine.
The top-floor home, located in a prewar edifice at East 58th Street at the edge of Midtown, hit the market in July 2023 at $10.8 million, according to Streeteasy, suggesting that the Boubliks were able to pick up the auto chief’s pad at a notable discount. But it’s not clear what Camilleri, a decades-long resident of the 12-story, 62-unit building, originally paid.
Camilleri, who has also served as chairman of Philip Morris International, a role that overlapped with his being in the driver’s seat at Ferrari, stepped down from both the cigarette-maker and the Italian carmaker in December 2020 after being hospitalized for Covid. A statement at the time cited “personal reasons” for the sudden departure.
Camilleri had accepted the top slot at Ferrari after the death of former CEO Sergio Marchionne in 2018.
For his part, Michael Boublik, who has worked for Morgan Stanley since 1990, according to his LinkedIn profile, has frequently ended up on best-of lists for his M&A efforts and is considered one of the country’s top deal-makers. In 2019 he had a hand in AbbVie’s $63 billion takeover of Botox-maker Allergan, consulting on behalf of AbbVie, a Chicago-based pharmaceutical giant.
J. Roger Erickson, the Douglas Elliman agent who marketed the penthouse, had no comment by press time.
The penthouse at 470 Park and a similar-sized unit next to it were created by former co-op residents Ken and Gerry Greenspan in the mid-1980s by combining a line of longtime but unused maids’ rooms, according to news reports from the time.
Despite hopes that Manhattan’s residential sales market would begin the year with a burst, it can seem to have plodded in recent months. Indeed, the median sale price of $1.05 million in the first quarter, for instance, was down more than 9% from the end of 2023 and more than 2% in a year, according to an Elliman analysis.
High interest rates, a recognized culprit, seem to have dragged on sales of office buildings and other types of real estate as well.
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C. J. Hughes , 2024-05-02 18:50:11
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