By Neil Irwin OCT. 27, 2014
A $90 Million Condo Flip Shows What’s Wrong With Financial CapitalismLeia a íntegra do artigo clicando em
William Ackman is a wildly successful hedge fund manager. He oversees $17 billion of mostly other people’s money. Forbes estimates his personal net worth at $1.7 billion. These facts alone would make him a prime candidate to buy the penthouse condominium at One57, the new luxury tower on West 57th Street.
Wikipedia: One57, maio de 2014
And indeed, Mr. Ackman told The Times in a fascinating profile Sunday that he is the buyer of the 13,500-square-foot condo with an estimated price of $90 million. What is more shocking is what he plans to do with it.
Apparently content living with his family on the Upper West Side, he told The Times he was purchasing one of the most expensive properties in New York because “I thought it would be fun” and he and some close friends “bought into this idea that someday, someone will really want it and they’ll let me know.” They may throw the occasional party there.
Bill Ackman is a condo flipper! It may be the most expensive attempted condo flip in history, but in substance it isn’t much different from the middle-class dreamers who bought a preconstruction condo in Florida in the mid-2000s in hopes of selling it a couple of years later at a great profit.
It may seem like a funny example of the ways the wealthiest one-hundredth of 1 percent live. But it is also, as it happens, an uncommonly clear window into some of the deeper flaws of 21st-century finance. (Continua)