The Real Deal New York

Super Rich, LLC

Multimillion-dollar buyers get creative with names of limited liability companies

April 29, 2015 04:50PM
By Claire Moses

From left: the master bedroom in the One57 model unit and the view from its living room

From left: the master bedroom in the One57 model unit and the view from its living room

Maybe Platinum Hideaway and Hebrews 3:4 will run into each other in the elevator of Extell Development’s glitzy One57. Pac Wholly Own could knock on Escape from New York’s door for a cup of sugar.

Weird names, you say? They’re just they’re some of the monikers wealthy investors have used for the limited liability companies through which they purchase some of New York’s priciest pads.

In a deal that was recorded with the city Wednesday, a 55th-floor pad at One57 was purchased for $22 million by one Platinum Hideaway LLC.

Documents of a 2010 purchase — a $2.2 million condo at 247 West 46th Street — by the same LLC indicated that Rick Edelman, the chief executive officer of Virginia-based Edelman Financial Services, could be the buyer of the unit.

Unit 55C at Extell Development’s One57 spans 3,466 square feet and includes four bedrooms and 4.5 bathrooms.

But Platinum Hideaway — not the most politically correct name in a city where LLCs are criticized for masking’ rich investors’ identities — is not the only creative entity out there. (Less exciting pseudonyms behind LLCs at the tower include names such as Cm157 LLC, 44B LLC, NYC Condo LLC and Oceana 57 LLC.)

Last week, a mysterious entity under the name “Hebrews 3:4 LLC” purchased a unit on the 53rd floor. The name refers to a sentence from the New Testament: “For every house is built by someone” — in this case by Extell’s Gary Barnett — “but God is the builder of everything.”