Bill Ackman's $90 Million Apartment Purchase Was Basically A Groupon

Don't worry about him making a profit, killjoys-- he got this baby on sale.
Author:
Publish date:

As some of you may recall, back in October, hedge fund manager Bill Ackman dipped his toe in the world of condo-flipping when he bought a $90 million penthouse at One57, with the intent of re-selling to a buyer looking for such a property. And while this was supposed to be a fun little side gig for Bill, a distraction from the stresses of his Herbalife short and, okay, sure, maybe something that would launch his HGTV career, wet blankets on the sidelines have threatened to ruin the whole thing for him with their naysaying about how he'll never get someone to pay him enough to make a profit. In February, the Times had the audacity to note that apartments such as the One57 unit are fast becoming a dime a dozen and today Bloomberg had the balls to suggested that Ackman didn't get such a great deal on the place/should've run the numbers one more time/needs to take Condo-Flipping 101 again.

Stephanie Ruhle: All right, $100 million on an apartment. What are you going to do with that place? Bill Ackman: So it was an investment. I thought -- Ruhle: An investment. Ackman: Investment, yes. I think I bought it at a very attractive price, believe it or not. And I think it's -- it may be the best apartment in the world. And someone -- Ruhle: Hold on one second. Ackman: And someone will pay a very big -- Ruhle: You think $100 million is a good price? Ackman: It wasn't 100, but it was like 90. But, however, I paid $6,500 a square foot. Apartments on the park in Vornado's new building are selling at $10,000 a square foot. So I'm already 50 percent of the money. And this is by far the best apartment.

So thanks for your concern, but he knows what he's doing here. This thing was more or less a steal.

Bill Ackman Would Think ‘Very Hard’ Before Next Short Bet [BloombergTV]

Related: Bill Ackman’s Condo Flipping Career Gets A Boost

Related