The Real Deal New York

Posts Tagged ‘hedge fund’

  • NYC Comptroller Scott Stringer

    NYC Comptroller Scott Stringer

    A type of performance fee that gives developers a leg up for taking the lead on real estate projects may be cut at the knees by New York City’s new comptroller Scott Stringer, who condemns the fee as a tax loophole.

    Stringer characterized “carried interest,” as a tax break for the rich, because it is taxed at a lower rate than ordinary income. Also known as a “promote,” carried interest is taxed at capital gains rates, generally about 20 percent as opposed to the normal income tax rate of around 40 percent, as The Real Deal has reported. [more]

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  • Ben Stiller and 118 Riverside Drive (Interior photo via Elliman)

    Ben Stiller and his wife Christine Taylor have sold their 4,000-square-foot, five-bedroom, five-and-a-half-bathroom duplex co-op on the Upper West Side for a hair under $9 million, according to New York City public records seen by Co-op Sales. [more]

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  • From left: 700 Park Avenue and Donald Drapkin

    Casablanca Capital chairman Donald Drapkin and girlfriend Elyse Slaine have purchased a duplex at 700 Park Avenue for around $4.2 million, the New York Post reported.

    Drapkin, ex-friend and longtime associate to billionaire Ron Perelman, was victorious in a dispute with his former boss over $16 million Drapkin said he was owed earlier this year. Slaine is also no stranger to scandal — her ex-husband is deposed hedge fund employee turned FBI informant David Slaine, whose insider information helped take down Raj Rajaratnam, the Post said. [more]

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  • New hedge funds are increasingly setting up shop in Manhattan, in order to be more accessible and attractive to investors, the Wall Street Journal reported. Of the hedge-funds started between 2003 and 2008 in Manhattan, Greenwich or Stamford, 86 percent choose Manhattan, according to data from eVestment, which tracks the hedge-fund industry. But in 2009 and 2010, 92 percent of new funds chose to set up shop in Manhattan over Stamford and Greenwich, and data for 2011 shows a continuation of that trend. “There are blips in the data, but it’s clear launches shifted toward New York after the crisis,” Peter Laurelli, eVestment’s head of research, told the Journal…. [more]

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