Steve Cohen Sells Triplex for $30 Million After Month on Market
(Bloomberg) -- Steve Cohen built a $10 billion fortune trading stocks. He’s had more mixed success lately when it comes to New York real estate.
The hedge fund manager sold a West Village condo for $30 million, or about 10% below the listing price. On the plus side: it sold in about a month, and is the most expensive resale listed and closed this year, according to Christie’s International Real Estate, which handled the sale.
He’s had less luck with his One Beacon Court Midtown penthouse. Cohen has dropped the price on the property between 58th and 59th streets more than six times in six years, asking $45 million since February. That’s a $70 million discount to original listing price in April 2013.
Cohen, the founder of Point72 Asset Management LP, declined to comment.
In February, he put his 9,600-square-foot West Village triplex on the market for $33.5 million and sold it 32 days later -- the quickest transaction this year for a New York City apartment costing more than $6 million, according to Christie’s. The billionaire paid $23.4 million for it in 2013, the same year his hedge fund, SAC Capital Advisors, pleaded guilty to insider trading violations and paid a $1.2 billion penalty.
The condo at 320 West 12th St. is one of 10 units in the seven-floor Abingdon building, which dates to 1906.
“In that era, you found more classically defined spaces typically on the Upper East or Upper West Side,” said Erin Boisson Aries, the Christie’s listing broker. “Typically townhouses are more vertical. Whereas with this one, you have this volume of space spread over three floors.”
As for the difference between the fully serviced townhouse and the traditional high-rise, “It’s apples and oranges really,” said Donna Olshan, president of brokerage Olshan Realty. “This is a downtown property in a boutique building, so it’s like living in a private club.”
Cohen ranks 139th on the Bloomberg Billionaires Index.
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