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.”


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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