Bear Stearns CEO Is Said to Rent House

Bear Stearns CEO Is Said to Rent House

Bear Stearns Cos. Chief Executive Alan D. Schwartz has taken off the market his suburban New York house, listed for $4.5 million, and is renting it, the real-estate agent who had listed the home says.

Meanwhile, Bear Chairman and former CEO James Cayne closed last month on a $27.4 million purchase of two adjacent apartments at the Plaza condominium in New York, according to public records.

Both moves came before Bear’s fire-sale deal Sunday to be acquired by J.P. Morgan Chase. Under the terms of that deal, Mr. Cayne’s Bear holdings, once valued at $1 billion, would total roughly $13.1 million, less than half the cost of the Plaza units.

In 2000, Mr. Schwartz paid $2.75 million for the newly built, 7,850-square-foot house in Purchase, N.Y. , overlooking the ninth green of the Golf Club of Purchase. The three-story home has views of Long Island Sound, six bedrooms, a playroom and a wine cellar. In 2003, Mr. Schwartz paid $10.4 million for a 17-room, 11,000-square-foot mansion on seven acres in Greenwich, Conn., records show, and he also owns a condo in Edwards, Colo. Susy Glasgall, of Houlihan Lawrence, had the Purchase listing.