Published On: Wed, Jan 1st, 2014

Steven Cohen Cuts Asking Price For His New York Apartment To $98 Million – It Wont Fetch The Nine Figures Originally Demanded

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Steven Cohen / Getty

The Corcoran group is currently listing for sale a gorgeous 9, 000 square feet duplex apartment in New York City, with views of Central Park at 151 East 58th Street. The apartment is currently listed for the modest price of US$98 million. While that is a great deal of money it is already US17 million less than the original asking price a few months ago.

The apartment belongs to hedge fund SAC owner Steven Cohen, who has recently been forced by the US Department of Justice and the Securities and Exchange Commission to privatize his multi billion dollar hedge fund and turn it into a private office for his own estimated US$9 billion in personal family wealth.

 

A number of former members of his firm have been indicted, and some have been convicted, of insider trading and his firm has also agreed to pay substantial penalties. Stephen Cohen himself, though, has not been charged at any point personally with criminal activity of any kind.

Just last November he sold some of his art work for around US$88 million at Sothebys, including a famous piece by Andy Warhol.

However ironically enough SAC has gone out with a bank earning a return for calendar 2013 of 20%, so his hedge fund clients will miss him.

The building, known as the Bloomberg tower or as Beacon Court for the residential component, is located inbetween Lexington and Third Avenue and has some splendid architecture by designer Charles Gwathmey. Michael Bloomberg’s company Bloomber LP has its offices in the lower floors and Beyoncé also has an apartment there so it is all very swank.

The duplex is spread out on the 51st and 52nd floor and his master bedroom alone there is nearly 1, 000 square feet.
According to the New York Daily News, which spotted the the US$17 million reduction in the price, or perhaps was pointed to it by real estate brokers Corocran, Cohen has already purchased a more modestly priced, US$23million, pad in the West Village for his residential needs in the city, this time a mansion, and one even a little larger in size.

Cesar Pelli designed the 55 storey building at 151 East 58th Street, and Charles Gwathmey designed the ultra modernist interior – one this writer personally finds a little cold actually, but all taste is of course personal. Take a look at the photographs and decide for yourself.

While real estate brokers regularly engage in hyperbole, this small excerpt from Corcoran’s description seems to be quite accurate at least, perhaps even an understatement:

“This apartment is a rare combination of grand space, extraordinary light, dramatic views and perfection of design and execution.”

STEVEN COHEN IN

Images from Corcoran site / Photos by Evan Joseph

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