Deepak Narula Turns Two Years Of Double-Digit Returns Into Madonna's Apartment

Author:
Updated:
Original:

Now that Madonna has classed up the joint—and spent 20-plus years cobbling together 6,000 square feet, six bedrooms, two living rooms and eight bathrooms in one of Central Park West's formerly less-fabulous buildings—Harperley Hall has become acceptable to Metacapital Management's Deepak Narula, who knows a bargain when he sees one.

The sale of the vast duplex apartment in Harperley Hall—a 1911 Arts and Crafts-style building on the corner of West 64th Street with large banks of windows facing Central Park—closed last week, after lingering on the market for six months, listing records show.

It was listed in November for $23.5 million, with a rush of celebrity publicity. But the price was cut by 15% in February to $19.995 million, and brokers said Mr. Narula, who built a fortune as an investor in mortgage-backed securities, paid considerably less….

Madonna assembled her vast apartment by combining sponsor-owned units into a single sprawling unit on the fifth and sixth floors of 41 Central Park West many years ago. It has 15 rooms, including six bedrooms, and two large living rooms with Juliet balconies and French doors opening onto the park, according to a listing by Adam Modlin of the Modlin Group, and Arabella Greene Buckworth of Brown Harris Stevens….

For many years, Harperley Hall wasn't considered to be one of the more desirable buildings on Central Park West, but partly as a result of the spotlight brought to the building by Madonna herself, the building's prices and reputation have been going up, brokers say.

Madonna Co-op Sells After a Trim [WSJ]

Related

Ken Griffin Tries On, Returns Chicago Apartment

When you own $300 million worth of other real estate, you've got to be picky.

By National Library of Ireland on The Commons [No restrictions or Public domain], via Wikimedia Commons

Brexit Turning London Into The New Prague

In that it's a great place for Americans to consider a vacation circa now.

Ken Griffin Is Good Enough, He's Smart Enough, And, Doggone It, He'll Keep Putting Up Double-Digit Returns This Year!

Citadel, the Chicago-based fund manager, trumpeted “an exceptional year” at its two main hedge funds, announcing annual returns of about 25 per cent in a letter to investors. Ken Griffin, Citadel’s founder and chief executive, said flagship funds Wellington and Kensington made a net return of 25.9 per cent and 24.9 per cent for 2012...The 2012 results follow a turbulent 2011 when Mr Griffin scaled back his ambition to build a more diversified financial institution to take on the likes of Goldman Sachs in investment banking. He set out three priorities for 2013: “to be highly profitable, to improve our productivity and to strengthen our teams." [FT]