Peter Kraus Pays $37M for 720 Park Avenue Pad

Investment advisor Carl Spielvogel and his wife Barbaralee Diamonstein-Spielvogel sold their co-op apartment at 720 Park Avenue, at the corner of 70th Street, for $36.63 million, nearly twice what they paid for it two years ago. The sale of the seventh-floor unit closed December 18, according to property records posted last Friday. The buyer was identified as Jill Kraus, wife of Peter Kraus, a former executive vice president at Merrill Lynch who reportedly received a $25 million bonus after working at the firm for three months this year (roughly $277,000 per day). However, only her name was listed on the property report. On December 19, he was hired as chairman and CEO of AllianceBernstein. The sellers, who are top Democratic fundraisers, bought the apartment in June 2006 for $20 million, property records show. Just before buying the 7th-floor unit, the Spielvogels sold their 17th-floor apartment in the building for $18.7 million, in May 2006, records showed.

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