Failed hedge fund founder finds buyer for Carnegie Hill co-op

The founder of collapsed hedge fund FX Concepts, John Read Taylor, has found a buyer for his Carnegie Hill co-op. Taylor put the unit on the market in September, after embarking on a two-and-a-half year renovation and residing in the apartment for just six months. The following month, FX Concepts filed for bankruptcy.

The 4,030-square-foot co-op at 2 East 88th Street sold for $20.5 million to Frederick C. Benenson, according to city records filed last month. Benenson is the son of real estate developer and philanthropist Charles Benenson and executive vice president of Benenson Capital Partners.

The 3-bedroom residence in the Roger Ferris-designed pre-war building features double living rooms with a fireplace, a formal dining room and a chef’s kitchen.

Roger Erickson, a top Manhattan broker with Sotheby’s International Real Estate, represented Taylor and last listed the unit for $22 million.

Taylor purchased the co-op in 2010 for $22 million, which was $4.5 million above the asking price. Internal documents provided to The Real Deal by a former employee indicated that FX Concepts had taken out a $20 million mortgage on the property for Taylor, who served as chairman of the hedge fund at the time. The source also said the investment firm had pushed Taylor to offload the apartment, citing concerns about FX’s debt load.

At its peak in 2007, FX Concepts had $14 billion in assets under management, making it the world’s largest currency hedge fund, according to Reuters. By November 2013, FX Concepts had just $1.62 million in assets and $79 million in liabilities, according to court filings cited by the news service.