Hedge fund manager Kenneth Griffin goes on record-breaking property spending spree

Kenneth Griffin, the CEO of the billion-dollar hedge fund firm Citadel, has reportedly spent almost $300 million on residential properties over the last two years, breaking sales price records in three major metro areas, The New York Times reports.

Griffin’s shopping spree includes his purchase of two floors of Chicago’s Waldorf Astoria hotel. Chicago also happens to be where Citadel is headquartered, so it’s no surprise Griffin would have an eye for a bargain there. The NYT reports that he paid a whopping $13.3 million for the 37th floor and $16 million for the 46th floor, making their combined values the most expensive real estate buy in Chicago’s history.

Griffin also set a record in New York, where he snapped up three entire floors of the under-construction 220 Central Park South condo tower in Midtown for $200 million, a record real estate purchase for the city. The NYT says the deal included one main residence as well as several apartments that could house his staff or guests.

Finally, Griffin also set a new record down south in Miami, where he spent a whopping $60 million to acquire the penthouse at Faena House in Miami Beach, reportedly $10 million more than the initial asking price. The 12,500 sq.ft. penthouse comes with a great room, media room, dressing room, and 70-ft long infinity pool on the 9,900 sq.ft. terrace. Faena House is a luxury condo tower located on Collins Avenue, and comes with an in-house spa, private club, fitness center, round-the-clock security and concierge service.

The NYT says that Mr. Griffin already owns properties in Aspen, Colorado and Hawaii, but gave no indication as to the motive behind his latest spending spree.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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