Ackman In Deal For N.Y.'s Most Expensive Apartment

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.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...