The Real Deal New York

Bill Ackman handed over another co-op to his ex-wife

Ackman's stake in the unit was valued at $7M
By Meenal Vamburkar | October 02, 2018 01:00PM

Bill Ackman and his sold penthouse at 420 West Broadway (Credit: Getty Images and Douglas Elliman)

UPDATED, Oct. 3, 12:31 p.m.: Hedge funder Bill Ackman parted ways with another of his New York apartments.

Ackman transferred his penthouse at 420 West Broadway to his ex-wife for $7 million, according to records from the city’s Department of Finance. The co-op was listed for $17 million, the same price Ackman paid for the unit in 2015. (He bought the apartment from Drew Katz, who, as TRD reported in 2017, warned Ackman that Valeant Pharmaceuticals had systemic price problems that eventually cost Ackman’s company $4 billion.)

The $7 million, which accounts for Ackman’s interest in the apartment, is 50 percent of the appraised value of the unit, sources said. The couple jointly owned this property — as well as the units at the Beresford and 111 Greene Street.

The penthouse at the Soho Gallery Building spans roughly 3,500 square feet and has a a 528-square-foot terrace. The master suite in the duplex features a private garden, a windowed walk-in closet and sitting area with a projector screen and surround sound.

Ackman and his ex, landscape architect Karen Ann Herskovitz, reportedly split in 2016. Like other high-profile divorces, the pair have been dividing up their assets, which includes homes in New York City and the Hamptons.

Last month, Ackman, the founder of Pershing Square Capital Management, also gave up his 50 percent stake in the duplex at the Beresford for $15 million. He previously snagged two other units in the building.

Ackman also transferred his 50 percent interest in a Soho penthouse at 111 Greene Street to his ex for $2.625 million. Records show he bought the apartment through an LLC for $5.5 million in 2013.