Pershing CEO has big hopes for small pad

TRD New York /
Nov.November 23, 2009 05:42 PM

After announcing that his 19th-floor spread at the Majestic at 115 Central Park West had gone into contract, Pershing Square Capital Management CEO Bill Ackman must now sell his one remaining unit in the building, a 322-square-foot, one-bedroom, one-bathroom so-called “guest suite” on the 18th floor. Pershing purchased the modestly sized unit for $450,000 at auction in 2007, only to put the spot through a $250,000 renovation immediately afterward. Approximately two years and $700,000 later (not including the furniture, which includes a Sub-Zero fridge and flatscreen TV), Ackman has the unit back on the market with a $950,000 asking price. In a letter to other building residents, obtained by Curbed, the famed hedge funder said that he plans to wait for offers until Dec. 8, after which point he said he’ll auction off the unit himself and “will provide some excellent wines for participants.”


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