Wednesday, 1 October 2014
Last updated 12 sec 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...