Practice GMAT Sentence Correction Question

A modifying phrase needs to be placed by the word it modifies. However, as the sentence is originally written, after years of working on Wall Street illogically modifies an apartment. It was not the apartment that worked for years on Wall Street but famed investment banker John E. Callan who worked for years on Wall Street. The sentence can be corrected in two ways:
(1) After years of working on Wall Street, famed investment banker John E. Callan
(2) OR: After years of working on Wall Street, John E. Callan

1. an apartment in lower Manhattan is illogically modified by the phrase after years of working on Wall Street
2. famed investment banker John E. Callan is logically modified by the phrase after years of working on Wall Street
3. an apartment in lower Manhattan is illogically modified by the phrase after years of working on Wall Street
4. the phrase he too is not grammatically correct since it implies that there is another person who also owned a house in Rye and in East Hampton; the word too should be removed
5. the phrase even despite his owning of is not idiomatically correct and should be replaced by even though he also owned