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Hedge Funder Pays $4.5 Million Over Ask for Artsy Apartment

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In case anyone was skeptical about the luxury market pickup shown in this quarter's market reports, here comes the anecdotal evidence. Hedge funder John Read Taylor has just paid $22 million for the 11th floor apartment at 1068 Fifth Avenue, the Post reports. That's $4.5 million over the asking price of $17.5 million, and he purchased it after it spent only 11 days on the market. Holy 2007! So what's he getting? The 4BR, 4BA co-op was designed "for preeminent collectors of contemporary art," which means it has mobile walls on which to hang art. Why display that fancy painting in only one room when you can roll it around your apartment?

· John Read Taylor buys Fifth Ave. pad on market for 11 days [NYP]
· Listing: 2 East 88th Street [Corcoran]