Megarich, eternally youthful looking Bill Ackman, founder and CEO of Pershing Square Capital Management, is trading up along Central Park West. He's leaving one historic co-op, the Majestic at 115 Central Park West, for another power building, the Beresford up at #211. And he's going out with a bang?of the gavel. In a letter sent to his Majestic neighbors, Ackman says he's finally gone to contract to sell his 19th floor spread in the building, which hit the market through his mother-in-law for $10 million and was recently asking $7.9 million. Building rules dictate that Ackman must now sell his other apartment in the building, a 1BR, 1BA, 322-square-foot "guest suite" he bought in a building-wide auction in 2007 for $450,000. Check out what he did with the place.
A tipster forwarded us a photocopy of the letter and packet of apartment information Ackman sent to fellow Majestic shareholders. He writes that he was able to bring in Tsao & McKown to renovate the tiny apartment because the firm also worked on his new Beresford pad. Ackman also writes that the cost of the renovation?including architecture, engineering and construction?was $250,000, not including furniture. He's now looking to sell the place for $950,000, including all the bells and whistles like the Sub-Zero fridge and flatscreen TV. At just under $3,000 a square foot, it's still cheaper than a staff apartment at 15 Central Park West!
If it doesn't sell soon, Ackman plans on auctioning the place off on December 8th inside his 19th floor apartment. Three open houses for cute little #18X are scheduled for Majestic residents who want to take a look. And how about this fun little detail. Ackman writes, "I will be the auctioneer and will provide some excellent wines for participants." Getting the bidders tipsy? Hey, he didn't get rich by being stupid.
· Floorplan Porn: Hedge-Funder's Phat at 115 Central Park West [Curbed]