Former top exec at hedgie SAC takes office in Plaza District

Solomon Kumin's startup fund Folger Hill takes 18,000 sf on Third Avenue

From left: Solomon Kumin, 900 Third Avenue and Steve Cohen
From left: Solomon Kumin, 900 Third Avenue and Steve Cohen

An upstart hedge fund lead by a former top executive at the scandal-plagued SAC Capital Advisors has signed a sublease for 18,000 square feet in The Plaza District.

Solomon Kumin’s Folger Hill Assset Management is subletting the entire 23rd floor at the Paramount Group’s 900 Third Avenue from Core Media Group, which signed a lease for the space in 2012, according to CompStak.

The deal runs through early 2023. Folger Hill is paying rent in the mid $60s.

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A team from Newmark Grubb Knight Frank composed of Chris Mongeluzo, Eric Zemachson and Corey Borg had the listing for Core Media, a producer of entertainment content. Folger Hill was represented in the deal by the team of Paul Amrich and Neil King at CBRE, according to a source.

Kumin served as chief operating officer at hedge fund giant SAC, now called Point72 Asset Management. Steve Cohen‘s company pleaded guilty this year to five counts of insider trading in a deal with the Securities Exchange Commission. As part of the settlement, the firm agreed to pay a $1.2 billion fine.

Kumin, who worked at the hedge fund for a decade, started Folger Hill in August. The company reportedly has financial backing from Wall Street investment firm Leucadia National Corp.