Have tough economic times caused The Corcoran Group to return to its unlawful roots? As The New York Daily News reported in June 2011, founder Barbara Corcoran weathered the 80s stock market crash and steered her namesake company through a “tough period” by moving into “an illegal, rent-controlled studio that belonged to my husband’s cousin.” The couture agency’s founder admits she knew her actions were illegal, but that it was instrumental in saving the company:
I knew what I was doing was illegal. But we lived there for over two years, and it helped with cash flow until the business got back on its feet.
The felonious move did save the company, which by 2011, when Corcoran sold it off, was worth $66 million. But has this dubious behavior haunted the company ever since? A ghost it is forever unable to excise?