A group of investors led by hedge fund manager, Bill Ackman, is under contract to buy a plush duplex penthouse in Manhattan's One57, a 90 story building still under construction, for around $90 million.
According to Bloomberg, this is the second highest amount paid for any residential property in the area.
The duplex penthouse is on floors 75 and 76 of the tower. The condo is a 14,000 square feet residence with a glass atrium, open plan living room and high-ceilings. The residence has six rooms.
Apparently, Ackman has no plans to move into the house. Moreover, since the transaction is a joint pooled investment, it would probably be unacceptable for Ackman to use it as a personal asset. It is still unclear what the condo will exactly be used for but sources confirmed that it was bought for investment purposes.
Another condo in the same building is said to be listed for more than $115 million, which will make it the most expensive residential property in the neighborhood.
Meanwhile Ackman's hedge fund firm, Pershing Square Capital Management LP, has placed major bets on JC Penny and Herbalife. More recently, he was against Mike Ullman returning as the CEO at JC Penny. Ullman resigned in November 2011 and returned to save the deteriorating fortunes of the retailer. Ackman is the largest shareholder at JC Penny. As of March 2013, his net worth was estimated to be around $1.2 billion, according to Forbes.
About One57 Condominiums
The One57 tower has been designed by Pritzker Prize winning architect, Christian De Portzamparc. Services to the towers are provided by Park Hyatt Hotel's brand new five-star flagship hotel. Other amenities of the tower include a state-of-the-art gym, a conference room, a theatre/media room, pet wash room, library and billiards room, parking garage and 24 hour doorman and concierge services.
Read more about the One57 building, here.
The building has been under construction for quite some time now. In 2012, when super storm Sandy wrecked havoc in the country, a broken construction crane dangled dangerously from the half constructed tower. The storm stalled the project. However, construction is on full swing now and is slated to be completed soon, reports The Wall Street Journal.
