Neighbors Pan Hedgie's 'Iceberg' Condo Plan

Apr 1 2014 | 5:17am ET

Residents of a luxury condominium building on Central Park West in New York are up in arms over one hedge fund manager's plans to extend his living quarters three floors beneath his current apartment.

Robert Miller of Sky Brook Vale Capital Management is said to have been inspired by London's so-called “iceberg” homes—residences with massive underground basements often covering more square footage than the original house.

A source who has seen the plans for the four-floor apartment said it includes a sauna, gymnasium, bowling alley, home theater, dry cleaners and the city's first home Starbucks franchise.

The problem, say neighbors, is that the apartments Miller plans to expand into are already occupied:

“This is worse than Crimea,” said a man living in one of the three apartments that would be, effectively, annexed by Miller. “I have lived here for 20 years and, while I've seen the odd wall knocked down or ceiling lowered, I've never seen anyone attempt to tunnel three floors below his own condo.”

Neighbors plan to take their complaints about the “super apartment” to the building's board. Miller, who declined to be interviewed for this story, supplied a written statement which said, in part:

“I should think the people downstairs would be happy to be part of a residence as architecturally adventurous as mine, besides which I will give them great rates on their dry-cleaning.”


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 
Error

From the current issue of