Paulson Buys Manhattan Condo On The Cheap

Dec 1 2010 | 10:14am ET

John Paulson already owns one of Manhattan's larger townhouses. But what's $2.85 million for a midtown pied-a-terre to a hedge fund billionaire?

Paulson, who made billions shorting the real-estate market three years ago but has since become more bullish—telling an audience in New York in September, "If you don't own a home, buy one. If you own one home, buy another, and if you own two homes buy a third and lend your relatives the money to buy a home." Now, he's taking his own advice, buying what appears to be his fourth residence and second in New York city.

The new digs are quite modest by Paulson's standards, with just 1,800 square feet. By contrast, his 86th Street townhouse measures up at 28,500 square feet, his Hamptons estate 15,000 square feet and his eight-acre Aspen, Colo., getaway 12,500 square feet. But the speculation is that Paulson won't live at the 26th-floor apartment across the street from St. Patrick's Cathedral, and would instead use the condominium as a guest house for friends, family and business associates.

And Paulson got a deal on the digs, paying 23% less than the apartment was listed for last year.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…