PENTHOUSE NEW YORK CITY
Billionaire Hedge-Funder Joseph Edelman Asks $33.2 Million for Manhattan Penthouse
Though the executive is looking to sell his New York apartment, he doesn't have plans to join the recent exodus of Wall Streeters flocking to Florida
By Katherine Clarke
| Originally Published On March 11, 2021 | The Wall Street Journal
Billionaire and hedge-fund executive Joseph Edelman is listing his penthouse on Manhattan's Park Avenue for $33.2 million.
The price isn't much more than what Mr. Edelman spent purchasing the apartment—records show he paid about $30.55 million in 2008—reflecting the softness of the high-end market.
The triplex is located at 823 Park Avenue, a prestigious condo building between 75th and 76th Streets, and is over 10,000 square feet, according to listing agent Maria Manuche of Compass.
The 12-room penthouse also has its own private elevator landing; three private terraces; a 31-foot-long living room with coffered ceilings, hardwood herringbone floors and a limestone fireplace; a formal dining room and a wood-paneled library. Two matching fireplaces, sourced by Mr. Edelman's designers, date to the 1700s. The apartment currently has four bedrooms, but a new owner would have the opportunity to reconfigure it, Ms. Manuche said.
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Perceptive Advisors, Mr. Edelman's biotech hedge fund, has about $10 billion under management, he said. It has been engaged with companies involved in the Covid-19 crisis.
The fund is focused on what it sees as a disconnect between the price of stocks of companies like drug concern Gilead Sciences and the potential profits from any Covid treatment or vaccine, The Wall Street Journal has reported. Mr. Edelman also owns shares of Regeneron Pharmaceuticals, which is a leader in developing monoclonal antibody therapies for the virus.
A hot tub on one of the property's three terraces.
Rob Lowell
Ms. Manuche said her client is staying in the city, and isn't joining the recent exodus of Wall Street executives to Florida or other lower-tax states.
Ms. Manuche said the New York market has begun its recovery from the Covid-19 related lockdowns.
Corrections & Amplifications
The unit is in 823 Park Avenue, which is a condo building. An earlier version of this article incorrectly said 823 Park Avenue is a co-op building. (Corrected on March 10.)
NEW LISTINGS MANHATTAN CONDO APARTMENT