Area Rag Dares To Suggest $90 Million Penthouse Might Not Be Bill Ackman's Greatest Investment Idea

How dare you, New York Times. How dare you.

Last year hedge fund manager Bill Ackman, along with some of his pals, bought a $90 million apartment in new development One57, for yucks. “I thought it would be fun,” he told the Times, “so myself and a couple of very good friends bought into this idea that someday, someone will really want it and they’ll let me know.” Now, some people have had the audacity to suggest that Bill needs to go back to condo-flipping school, because he and his buddies won't be making a profit on this thing.

William A. Ackman, the hedge fund manager who bought a penthouse at One57 as an investment that he plans to keep empty save for the occasional event, called his $90 million party pad “the Mona Lisa of apartments.” However, the Mona Lisa is one of the most reproduced artworks in the world. And as more such towers rise around Manhattan, the views and floor plans for which Mr. Ackman and others are paying top dollar may not be unique. “There’s more space on Park Avenue than there are billionaires who want to live in New York,” Mr. Mayer said. “Unlike Picassos, there is not a finite number of these properties.” Even Ms. Liebman, whose company represents sponsors of several new buildings, acknowledges that the market is becoming crowded. “There will be winners and losers,” Ms. Liebman said. “Some buildings are better than others. Savvy buyers will play the buildings against each other.”

The Logic of an Empty $100 Million Pad [NYT]

Earlier: Bill Ackman Has Promising Backup Career As Condo Flipper