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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of