Further proof that the Wall Street fallout hasn’t hit the luxury real-estate market yet and that Goldman Sachs can weather virtually any financial downturn: this week Goldman hedge funder Ray Iwanowski (he works for the firm’s in-house fund Global Alpha) plopped down nearly $14 million on a full-floor Park Avenue apartment, with two fireplaces.
NY Observer: Since dawn on Monday, top Manhattan brokers and the universe of real-estate-obsessive types who surround them have been agonizing over the fate of New York’s iron-gated, oak-floored, marble-foyered real estate. Will the apartment-friendly bonus season even exist? Will foreigners suddenly get antsy about investing in mammoth pied-à-terres? Even if prices go down, will whiz-kid financiers still be gobbling up realty later this year and next year and the year after that?
Maybe they’ll all take solace in the story of Ray Iwanowski, a hedge fund manager who just bought a 4,184-square-foot apartment at 823 Park Avenue, which may prove that select financiers whose groups lose a few billion dollars during rough times are still willing to buy up full-floor, nine-room, five-bedroom, two-fireplace apartments. This month, a limited liability corporation named DJVI, which according to state finance records is connected to Mr. Iwanowski, paid $13,567,500 for the spread.
Back in April 2006, The Wall Street Journal described Global Alpha, which Mr. Iwanowski co-manages, as “a big, secretive hedge fund at Goldman Sachs … the Cadillac of a fleet of alternative investments.” But things began to go sour after that article; last year the once $10 billion Global Alpha fund reportedly lost 38 per cent of its value.
Meanwhile, the pre-war building recently converted to condos just sold out, dodging this week’s financial storm. Brown Harris Stevens has the listing for Mr. Iwanowski’s apartment. (Floorplan below)
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