Hedge Funder Moves To Brooklyn (!) Penthouse

Jun 16 2011 | 10:34am ET

Some years ago, Williamsburg, Brooklyn, was an enclave all-but-reserved for artists priced out of Manhattan and a group of extremely Orthodox Jews. No more.

A top hedge fund trader has plunked down $2.2 million for a condominium atop Williamsburg's tallest building, demonstrating that the neighborhood is now drawing the Wall Street set.

LibreMax Capital's Jordan Milman is the newest resident of what used to fancy itself New York's hippest 'hood. Milman's digs are on the 30th floor of The Edge, which while not in Manhattan offers some pretty amazing views of the city, given its location on the Brooklyn waterfront.

And as befits a man who makes his money investing in subprime mortgages, Milman made sure to get a deal on the 2,000-square-foot space. When it first came on the market three years ago, the apartment was the most expensive in the complex, seeking $2.56 million. But Milman paid $200,000 less for it than another three-bedroom penthouse in the place, which sold in November.

Milman, a former Deutsche Bank trader, co-founded LibreMax last year. The new fund debuted in November and already manages an impressive $700 million.

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