Billionaire hedge fund managers continue to snap up pricey property despite losses

New York

A MANHATTAN penthouse on the Upper East Side with sweeping views of both the Hudson River and the East River was sold this summer for US$37.9 million. The person behind the purchase was hidden behind a limited liability company with the cryptic name CRE Acquisition.

It turns out that the mystery buyer was not a wealthy foreigner, but a local Wall Street celebrity: Larry Robbins, the hedge fund manager and founder of Glenview Capital Management, according to documents reviewed by The New York Times and conversations with people familiar with Mr Robbins' personal investments.