Bill Ackman, Billionaire Hedge Fund CEO to flip $90m One 57 Penthouse. $175m?
As we reported in May 2013, Billionaire Pershing Square Hedge Fund honcho Bill Ackman and fellow investors bought a 13,500 sf $90m Manhattan Penthouse at One 57. As we suspected, it’s now been confirmed that he purchase it “for fun” as a flip. What will it list at? Bought at $6,666 / SF, the average price at ONE 57 is currently $6,888. Adding in a ~25% Penthouse premium, we get $8,610 / SF or $116.25m as a projected listing price. However, Mr. Ackman is not one to flip for a mere $26.25m gain!
We’re betting his eye is on the record $88 million penthouse at 15 Central Park West, which brought in over $13,000 / SF for 6,744 SF. At $13,000 / SF, we can expect this one of a kind Penthouse to list at at staggering $175.5m, making it the most expensive residential listing ever in NYC beating out the 520 Park Avenue Penthouse listed at $130 million or just over $10,000 / SF for the 12,394 SF triplex.
Another comp would be the much publicized Monaco penthouse listed at $400m for 35,500 SF or just over $11,000 / SF.
Bill, if you are listening, $175m is the number to go for! ROI of just under 100% or doubling his investment in just over a year. Ask $175m, settle for no less than $11,000 / SF or $148m would be our advice.