Global Alpha Chief Buys $14M Park Ave. Apt.

Sep 17 2008 | 10:55am ET

His hedge fund isn’t the Cadillac that it once was, but that hasn’t stopped Goldman Sachs’ Raymond Iwanowski from buying his deluxe apartment in the sky.

The Global Alpha manager—who saw his fund lose almost 40% last year and shrink by more than half due to redemptions—has bought a five-bedroom pad on New York’s Upper East Side for almost $13.6 million.

The full-floor Park Avenue condo is hardly the most extravagant real-estate purchase by a hedge fund manager in recent months: John Paulson, whose funds were returning triple digits while Iwanowski’s secretive quantitative fund was hemorrhaging red, paid $41.3 million for a 10-acre Hamptons estate earlier this year. But it isn’t too shabby, either. The 4,184-square-foot residence features nine rooms and two fireplaces.

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