Bleeding a deal

October 22, 2013

Section:

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.

Financier and art collector Steven A. Cohen

The sitting room of Steven A. Cohen's duplex at One Beacon Court 151 East 58th Street New York NY 10022 provides illustration of his curious taste in art. Note the strange figure in the corner. — The sitting room of Steven A. Cohen’s duplex at One Beacon Court 151 East 58th Street New York NY 10022 provides illustration of his curious taste in art. Note the strange figure in the corner.

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.

Spectacular views are enjoyed from most rooms

An office space is noteworthy by its blandness

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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The lower floor of the duplex provides great entertaining spaces as well as staff accommodation

The upper floor provides a master suite with a sitting room, home office, a dressing room and both bath and shower rooms as well as three further bedrooms suites and a den

3 COMMENTS

Dark Avenger October 22, 2013 At 3:24 pm

Large!

Reply
Chaim Paddaman October 23, 2013 At 10:59 am

A old yiddisher childhood friend of mine, Benny Gluch was recuperating after Prostate surgery. I contacted him to find out how he was doing and to wish him well. His response was ” Chaim you know very well, that I make a very good living, what do you want?” Cohen is of that cloth, he knows Bloomberg.

Reply
Yolanda October 23, 2013 At 11:37 am

He should pay back all those his firm cheated.

Reply