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

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of