Friday, 25 July 2014
Last updated 2 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…