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Week in Review

By CANDACE TAYLOR | June 12, 2008

1. Former Britney Spears Condo Moving Again

An apartment once owned by the pop singer Britney Spears is now on the market for $6.595 million, the New York Times reported. Just before her 2004 marriage to Kevin Federline, Ms. Spears put the four-level condominium in the Silk Building at Broadway and East 4th Street on the market, dropping the price to $4 million from $6 million by the time it was finally sold in 2006. The current owners, Jessica Klein and Isaac Levenbrown, have restored and customized the apartment, which has three bedrooms, dark wood floors, and a terrace. The apartment was listed last winter at nearly $7 million.

2. Eliot SpitzerMulls Vulture Fund

Eliot Spitzer is working to start a "vulture" fund to flip distressed real estate for profit, The New York Sun reported. It would be the first major business venture since the former New York governor resigned in March in the wake of a prostitution scandal. Mr. Spitzer, who would be competing against much larger investors, such as the Blackstone Group and the Carlyle Group, is seeking to leverage the reputation of his father's business as a successful manager of real estate assets. His father's real estate holdings, including the East 38th Street Corinthian apartment building, have not significantly changed since the 1990s.

3. Two Former Macklowe Buildings Are Sold

A San Francisco-based real estate investment firm, Shorenstein Properties, has signed a deal to buy the Park Avenue Tower and 850 Third Ave., both of which once belonged to Macklowe Properties, the Wall Street Journal reported. The two properties were bought for $930 million and sold by Deutsche Bank. The Midtown buildings were part of the $7 billion portfolio of the former Equity Office Properties towers, which Harry Macklowe defaulted on.