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

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

When Less is More: The Case for Concentrated Equity Strategies

Jun 1 2015 | 7:59am ET

The conventional wisdom is that wide diversification is the “holy grail,” as...

 

Sponsored Content

Editor's Note