Saturday, 20 September 2014
Last updated 23 hours ago
May 17 2013 | 10:48am ET
Pershing Square Capital Management's William Ackman and a group of investors are buying the most expensive apartment in New York history—expecting it to become even more expensive still.
The billionaire hedge fund manager's group are in contract to buy a duplex in One57, which will be the tallest residential building in New York when it is completed this year, for more than $90 million. But neither Ackman nor any of the other buyers plan to move in: They view it as an investment.
The penthouse, on the 75th and 76th floors of the luxury hotel and apartment tower, features a two-story "winter garden" with a curved glass roof and measures in at 13,554 square feet. A smaller penthouse in the building, on the 89th and 90th floors, is also in contract for more than $90 million; it has six bedrooms and seven bathrooms.
Ackman's group expects to close on the apartment next spring.
The previous record for a New York apartment is $88 million. SAC Capital Advisors' Steven Cohen is seeking $115 million for his 10,000-square-foot apartment.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.