Bill Ackman thinks he can flip One57 penthouse for $500M

October 18, 2016

When hedge fund manager Bill Ackman closed on a $91.5 million penthouse at One57 in April 2015, he had already boasted that he had no intention of ever living in the place, but that he’d host parties there and eventually flip it as a “fun” investment. It seems that over the past year and a half, Ackman, whose net worth is estimated at $1.6 billion, has gotten even more optimistic, as a source close to him told Vanity Fair that he thinks he’ll be able to sell the 13,500-square-foot duplex for $500 million. As The Real Deal notes, this claim comes despite the fact that other units in the building have been recently listed at a loss and that his fund Pershing Square Capital is down to $11.4 billion under management from $20 billion in March of 2015.

ONE57 tower new york christian de portzamparc Image © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

Ackman’s purchase was the second most expensive condo sale ever, coming in only behind the $100 million penthouse at One57. It will be bumped to third when the $95 million sale at 432 Park closes, reportedly to a Saudi billionaire.

Vanity Fair quips that, at the time he bought the apartment, notoriously ego-driven Ackman “seemed more nervous about losing his view than ever losing his shirt.” As 6sqft previously reported, he referred to the penthouse, sitting 1,000 feet in the air, as the “Mona Lisa of apartments,” citing that there will never be another like it.

Ackman also recently tapped starchitect Rafael Viñoly to to re-imagine 787 Eleventh Avenue along Manhattan’s “Automobile Row” in Hell’s Kitchen as a new home for his company.

[Via TRD and Vanity Fair]


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