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Home / Business / Billionaire Ken Griffin sets the record for the most expensive property in the US, with $ 238 million in New York

Billionaire Ken Griffin sets the record for the most expensive property in the US, with $ 238 million in New York



Ken Griffin shows how a billionaire goes on a shopping spree.

Just a few days after buying one of London's most expensive residential properties, the Citadel founder set a US record south with a $ 238 million penthouse in 220 Central Park. The 24,000-square-foot apartment will give him lodgings when he's working in New York, a Citadel spokeswoman said. The price makes it America's most expensive home.

"He's definitely a worldwide trophy hunter and has bought what would be number one in New York," said Donna Olshan, president of Olshan Realty.

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"I do not think the fact that he buys an extraordinary trophy item talks about the market. It's exactly what he does and you have to look at it as unique. Hats off to the developer for this type of sale. "

Earlier this month, Griffin paid approximately £ 95 million ($ 122 million) for a 200-year-old house overlooking London's St James's Park, about half a mile from Buckingham Palace. The 20,000-square-foot house includes a gym, a swimming pool and an underground annex.

Fifty-year-old Griffin began trading convertibles from his dormitory at Harvard University. Founded in 1990, the Florida-born Citadel has transformed it into a global empire that manages hedge funds and creates markets. According to Bloomberg Billionaire's Index, a ranking of the 500 richest people in the world, he has amassed $ 9.6 billion in assets.

On his way he bought real estate in New York and Chicago and not more than $ 500 million including recent purchases.

Recent acquisitions included $ 30 million for two floors of the Waldorf Astoria hotel in Chicago and a $ 60 million penthouse in Miami Beach. In 2017, Griffin set the record for the most expensive house in Chicago and paid $ 58.75 million for a four-story penthouse on the Gold Coast Flat Tower # 9 on the Gold Coast. According to Palm

he has acquired a property in Palm Beach, Florida, in the amount of about 230 million US dollars.

In 2009, Griffin paid $ 40 million for an apartment at 820 Fifth Avenue at 63rd Place Street in New York, buying the unit on the 12th floor from Lily Safra, widow of banker Edmond Safra.

Griffin has long broken records in the art world as well. In 2016, David Geffens Foundation acquired works by Jackson Pollock and Willem de Kooning for approximately $ 500 million. He is also an active philanthropist who has provided more than $ 600 million for educational and cultural purposes, including the Art Institute of Chicago, the Whitney Museum of American Art and Harvard University.

Olshan likened luxury real estate businesses like Griffin to Art

"It's not a price for the market," Olshan said. "I see it as unique, as an anomaly, as an extraordinary sale. Just as you see it on the art market, when someone goes out and spends an absurd amount of money – that's not necessarily an indication that the art market is going there.

The luxury condominium tower he just closed in New York was built by Vornado Realty Trust, who said in October he had been sold at 85 percent. The Robert A.M. The project, designed by Stern, faces the southern entrance to Central Park, with most of the 118 units providing unobstructed views. The Wall Street Journal has already reported on the purchase of Griffin.

Citadel has signed a lease for anchoring a skyscraper at 425 Park Avenue, within walking distance of Griffin's new apartment. The office building designed by L & L Holding and designed by Norman Foster reached its peak last month. It will be completed in 2020, and Citadel will occupy approximately 331,800 square meters on 16 floors including the penthouse.

The price of the 220 Central Park South property is well over twice the previous record for a Manhattan Residential Sale. That was $ 100.5 million for the penthouse at One57. This deal was completed in 2014. The appetite for Manhattan's ultra-luxurious homes has waned since then. A few blocks from One57, a buyer bought three apartments near the 96-story tower at 432 Park Ave for a total of $ 91.1 million. The purchase took place in December 2017. That was a discount of 25 percent combined sticker price of $ 120.8 million.

A spokesman for Vornado declined to comment, as did Deborah Kern of Corcoran Group, representing Vornado. Valley Alexander, who represented together with his brother Oren Griffin, also did not comment.

Through a metric, Griffin did not necessarily pay for his New York apartment.

Due to its size, it probably paid about $ 10,000 per dollar sq ft. A penthouse at 15 Central Park West was sold in 2012 for $ 88 million, or $ 13,000 per square foot.


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