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.

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