Sunday, March 9, 2014

Sometimes Big Tipper: Former Citibank Chairman Sandy Weil

Michael Gross in his new book, House of Outrageous Fortune: Fifteen Central Park West, the World's Most Powerful Address, writes:
Fifteen Central Park West is New York’s most exclusive address, an aerie of hedgefunders and celebrities, where a penthouse costs $40 million — and a wine cellar costs $80,000 more... 
Working at a building like 15CPW can be lucrative. Some titans of Wall Street tip very well.
The staff was excited when Sandy Weill, former chairman of Citigroup, handed out about $90,000 in his first year. But they were disappointed after that.
In 2008, he was “very generous,” says a former staffer, “but the second year they cut their tips in half.”
An ex-staffer recalls another early move-in, a former Goldman Sachs partner. It was December 2007 and he arrived bearing gifts, Christmas tips for everyone on the staff, even though he’d just met them.
The typical resident gives $100 to $500 to every employee, says a staffer still employed in the building. Music impresario Jesse Itzler tipped $650 a head. Fashion executive Elie Tahari, who rented, gave $300 and a $200 shirt.
In 2011, the typical employee’s holiday take was about $22,500. The concierges and anyone who does special favors “get more,” up to $100,000.
One employee thinks the resident manager, Gregg Carlovich, who was poached from the Time Warner Center, is the highest paid in the city, estimating he is paid $600,000 before tips, making him a truly super-intendent.

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