Area Rag Dares To Suggest Bill Ackman Won't Make A Profit Flipping $90 Million Condo

THE GALL.
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It's not the first time the New York Times has sh*t on the hedge fund manager's investment decision, of course, but with everything going wrong in his world these days, couldn't The Gray Lady have given Ackman a pass on this one? At a time when nothing is going right, the thought of his burgeoning career on HGTV ending before it even started has got to hurt.

...after years of dizzying appreciation, the values of luxury assets are plateauing and in some cases plunging. Volumes have shrunk, prices are being cut and some auction lots are going unsold. In Manhattan, some sellers of luxury real estate have slashed prices. The asking price for a Park Avenue townhouse dropped $18.5 million, to just under $30 million; a seller cut the price for a Central Park South apartment by $7 million late last year, to below $18 million, and has since taken off another $2 million. Neither property has sold. The billionaire hedge fund manager William A. Ackman, who was part of an investor group that paid $91.5 million for an apartment at One57, the tower on what is now known as Billionaire’s Row in Manhattan, may already have missed the market peak if he hopes to flip it at a profit. An apartment there purchased last April for $20.3 million sold again this year at a $2.5 million loss.

The Assets of the Ultrarich Come Closer to Earth [NYT]

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

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