Back in April, Billy Ackman put his UWS co-op at the Majestic on the market for $10 million, after his mother-in-law convinced him it wasn’t worth the $12 million he wanted. Curbed reports Ack-boy has sold the pad, and is headed up the block to the Beresford at 211 Central Park West. Due to building rules, Ackman is not allowed to keep his “guest” apartment when he goes, so he’s putting the place– which he bought for $450,000 in 2007 and then put $250,000 into renovating– up for sale, and asking for $950,000. If somebody doesn’t buy this thing– and everything inside, including flat screens and that little Target dog, which Bill has grown seriously fond of–, ASAP, Ackman is auctioning it off December 8th. Ackman has told residents he’ll be the auctioneer (and has been practicing getting the voice just right with a friend), and will be providing “some excellent wines for participants” in case anyone’s looking for free drinks.
Pershing Square
Performance for Pershing Square International:
We were, of course, worried when the rumors started that investors in Bill Ackman’s “All Target, All The Time” fund might face limits on withdraws. We just knew it wouldn’t turn out that way. That wasn’t like the Bill we know.
William Ackman told investors in a hedge fund that invests only in Target Corp. he’s “deeply disappointed” in its performance, and that those wishing to exit can do so in full next month.
“I apologize profusely for the fund’s results to date,” Ackman said in an investor letter dated Feb. 8. Ackman also offered a fee waiver for those who invest in his other Pershing Square funds.
Call us WA! We love you!
Ackman Apologizes, Says Investors Can Exit Target Fund in March [Bloomberg]
We admit to having a serious soft spot for Bill Ackman and Pershing Square. For one, you have to love the hedge fund manager that actually sits down with Charlie Rose for an hour (or more). Plus, well, it’s Bill Ackman! So you can imagine our relief when we learned that Pershing Square had mostly dodged the bullet in 2008 and emerged down just 11.8% net of fees, including a totally flat (0.0% gross -0.2% net) return in December. Phew!
Oddly, they don’t report much of a short portfolio (6% overall). But who knows when that snapshot was taken and their hedged-sounding returns might have something to do with the $1.6 billion in credit default swaps that they’ve been holding.
Anyhow, we love you Bill! Call us, ‘kay? We’d love to hear about your strategies and maybe we could make an EP-BA-BL sandwich after? No promises.
Certain seals-of-approval have vastly diminished in the last 36 months. Rumsfeld’s Iraq suggestions: low approval. Fannie Mae policy papers: low approval. Dick Fuld’s Feng Shui guide: low approval.
Others, however, have grown rather substantially in the public eye. Your mother’s paranoia about debt: high approval. Your father’s advice to become a doctor and ignore that banking thing: high approval. William Ackman’s advice on anything: high approval.
So when Ackman gives the Fed Reserve a gold star, well, you just want to smile at Beard after weeks of cat-calling him. Don’t you?
What I like is I think stocks are cheap and I think the Federal Reserve has taken some very important steps that will improve liquidity–the banking system–and that in turn will help the economy,” Ackman said on CNBC. “I think the most significant thing the Fed has done is committed to putting $250 billion in the banking system. I think they’re doing it the smart way.
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