With Owner's Death, What'll Happen To New York?

On Wednesday, Lazard Freres chief Bruce Wasserstein died, leaving questions about the fate of New York magazine. Wasserstein bought the magazine in 2003 for $55 million and an expert suspects he "invested much more money along the way. [If his heirs were to sell, they] would probably want a minimum of $75 million to $100 million." Even though "money-losing media vanity ownership is usually the exclusive preserve of the mature rich, not their progeny," Gawker wonders if his family will be less inclined to sell since they'll get an automatic $188 million payout from Lazard.