Why Is This $17.9 M. Penthouse On the Market? President Obama, for One Thing

The sellers are Joy and Leonard Toboroff, the 74-year-old vice chairman of a Houston-based oil/gas-drilling outfit named Allis-Chalmers Energy. They got the place a few years ago from Tom Freston, the felled MTV and Viacom chief.

(Observer) -- A duplex apartment that stretches across two Tribeca buildings, 39 and 41 North Moore Street, just hit the market for $17.9 million. Reached through his broker, Mr. Toboroff had this to say when asked why he'd put the place on the market: "We have two kids that are out on their own now--my daughter got married last summer; we’re out of the country about 100 days of the year anyway." Then he paused. "I don’t know! No real reason. But I think an economic reason can be made that Obama can be elected and he’s pledged to raise capital gains."

If the capital-gains tax went up, the oil executive would have to pay more on his profits from the duplex penthouse sale--profits that he said would be millions of dollars. So does he want to sell now before Bush leaves the Whtie House? And will other plush-apartment owners follow suit? He wouldn't say, and wanted to stress that there other reasons to sell. "I’m at an age where I should be retired and living in a sunny place," he said.

And then when this reporter asked Mr. Toboroff what he thought about the idea that the wealthiest should be taxed on their large profits, he said: "You’re for wealth distribution? Don’t be ashamed! It’s O.K."