Bleeding a deal

Troubled hedge fund boss Steven A. Cohen seeks £71 million for his Midtown apartment

As Steven A. Cohen’s SAC Capital Advisors comes closer to a plea deal with prosecutors over insider trading charges, he’s selling paintings at Sotheby’s and has placed his Midtown apartment in New York on the market also.

Built in 2005 and reconfigured by Gwathmey Siegel Kaufman Architects LLC, the 51^st and 52^nd floor duplex is located in the 105-unit One Beacon Court building that forms part of the Bloomberg complex. Described as being the “most sophisticated, stunning and elegant apartment in New York City” by agents Corcoran, the 9,000 square foot apartment includes 4 bedroom suites and 5.5 bathrooms. A double height living room features 24-foot high ceilings whilst the true highlight has to be the views across the city. Cohen paid £14.8 million ($24 million) for the property in 2005.

Twice married and Wharton educated, Cohen, one of the world’s largest private art collectors, has used the apartment to showcase a number of works. Amongst those he owns is a head made out of frozen blood by Marc Quinn. Aside from selling his home, however, in November, Cohen is selling two works by Andy Warhol and one by Gerhard Richter at Sotheby’s.

Cohen’s firm, following the 2012 indictment, lost many of its investors and is expected to go from having managed £9.3 billion ($15 billion) at the beginning of 2013 to controlling just £5.6 billion ($9 billion) of Cohen’s own money after returning further funds in installments to outside investors. Given the Sotheby’s sale could net in the region of £37 million ($60 million) and a further £71 million ($115 million) could come from the sale of this apartment, Cohen – the world’s 106^th richest man – won’t be bleeding that badly.

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