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Hedge fund titan Bill Ackman rarely makes a bad deal, but that appears to be the case with the Central Park co-op in New York that he is selling at a 30% loss.
The billionaire CEO of Pershing Square Capital Management has found a buyer for one of his two Upper West Side apartments at 211 Central Park West. The three-bedroom, three-bathroom residence, located in the coveted Beresford Building, entered into contract on April 18, according to brokerage Sloan Square NYC, which co-brokered the deal with Corcoran‘s Deborah Kern.
The sales price will not be disclosed until the deal closes, however.
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The most recent listing price of $9.5 million is a reduction from the initial asking price of $11.5 million. The New York Post reports that Ackman purchased the unit for $13.5 million in 2007, a building record at the time.
The Post says selling the co-op is part of Ackman’s broader goal of trimming his New York real estate assets. The renowned investor, who has a net worth of $9 billion, initially listed his two co-ops in the Art Deco-landmarked building for $19.9 million after purchasing them eight years ago for a combined $22 million. The second unit, next door to the one currently in contract, remains on the market.
Over the years, Ackman has assembled a property portfolio comprising high-priced Manhattan trophy homes. According to The Post, among the most expensive is a six-bedroom condominium at One57 on Billionaire’s Row, which he purchased for $91 million.
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Aside from his personal holdings, Pershing Square is heavily invested in real estate. In January, the firm offered to buy 11.8 million Howard Hughes shares at $85 a share, which would give him a majority ownership stake. According to CoStar, the company extended the closing deadline for the $900 million to April 7.
Ackman is also a significant investor in government loan backers Fannie Mae and Freddie Mac and could see a potential windfall of $1 billion in profits if the current administration chooses to privatize them, according to Barron’s. In March, that possibility came a step closer when William Pulte, President Donald Trump‘s appointee to lead the Federal Housing Finance Agency, installed himself as chairman of both boards, removing 14 of their 25 board members.
