Cayne, Macklowe keep their condos at The Plaza

Another way the rich are different: They don’t have to pay mortgages.

A case in point: Days before Bear Stearns chairman James Cayne suffered a dizzying $900-million loss in wealth as a result of the fire sale of Bear Stearns, he purchased two apartments in the storied Plaza for a cool $28 million.

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But not to worry: Cayne, a onetime scrap-iron salesman and recently retired Bear Stearns chief, bought the adjacent apartments overlooking Central Park with cash, according to city records.

The 1907 landmark, famous as the home of children’s book heroine Eloise, recently reopened as a mix of luxury condos and hotel units. The development boasts a Who’s Who of corporate chieftains, including New England Patriots boss Robert K. Kraft, Staples Chief Executive Ronald Sargent, Italian racing mogul Flavio Briatore and Dave Barger, chief executive of JetBlue.

Like Cayne, several have been socked by recent gyrations in the real estate and financial markets. Real-estate mogul Harry Macklowe, who spent $60 million last year to buy up a string of adjacent apartments, is facing a mountain of debt himself as a result of a $7 billion, seven-building buy last year. To stave off cash-hungry creditors, he has been trying to unload the iconic General Motors building, and the office tower at 1301 Avenue of the Americas. So far, though, he’s shown no sign of giving up his dream of a palace on the park.

Italian businessman Luigi Zunino, meanwhile, is trying to flip the third-floor apartment which he is in contract to buy, according to the Wall Street Journal. Zunino is the CEO of a Milan-based real estate company that lost three-quarters of its value in the last year. While most condos in The Plaza have been selling for between $4,000 and $6,000 per square foot, Zunino is valuing his apartment at $10,000 per square foot.

If he gets his $100-million asking price, it would set a record for residential real estate in Manhattan. If not, maybe he can start a support group for onetime Masters of the Universe in the Oak Room.

• Mortgage mess sinks Wall Street exec – August 6, 2007
• Cayne reported leaving CEO job at Bear Stearns – January 8, 2008
• Bear’s Cayne holds cards close to vest – November 1, 2007
• NY Fed bails out Bear Stearns – March 15, 2008
• Bear Stearns bid would mean $100M to Joe Lewis – March 24, 2008
• Bearish on Mr. Brooks – June 28, 2007
• Another mogul mulls Newsday bid – April 2, 2008
• Will the Tribune Company sell Newsday? – March 20, 2008
• Wellpoint’s Braly tops Journal list – November 20, 2007
• Divorce offers window into McCartney financial empire – March 27, 2008