Real Estate Investments
Galanis also completed the 2004 acquisition of the 22,000-square-foot (2,000 m2) Guccione Mansion in New York City, one of the largest residences in Manhattan.
Guccione had been unsuccessfully seeking financing for the home for eight years, and it had recently been foreclosed on by his mortgage holders. Galanis successfully created, negotiated and closed a financing structure and the property was acquired for $26.5 million from the lenders. Vector Partners, Galanis’ company, invested the equity down-payment on the house purchase. Guccione was granted a lifetime lease for one dollar per year by Molina, the control shareholder of Penthouse International as of November 2003.
In March 2008, hedge fund manager Phil Falcone, founder of Harbinger Capital, acquired the Guccione Mansion for $49 million.
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