Forbes 400 Exec Israel Englander Buys 1000 Park Avenue Co-op For $9.3M
Brooklyn-born hedge fund exec Israel Englander paid $9.3 million via a trust for a 10-room co-op apartment at 1000 Park Avenue.
Slesin and Steinberg had been trying to sell their Upper East Side co-op since October 2007, originally listing it for $10.5 million.
Englander is the Chairman and CEO of Millennium Management, LLC, which owns the Millennium Partners hedge fund.
Millennium Partners says that it’s investment strategy is to:
have domestic and international funds that pool their assets in a single master fund, Millennium Partners, L.P., to allocate capital globally across a diverse set of strategies and asset classes.
The firm states that it’s investment practices include:
- Relative Value Fundamental Equity
- Statistical Arbitrage
- Fixed Income
- Merger Arbitrage
- Closed-End Fund/Asset Arbitrage
In 2005 the SEC and then N.Y. Attorney General Eliot Spitzer accused Englander and his then Millennium Partners hedge fund of engaging in market timing.
A November 2005 Fortune magazine article alleged that unnamed sources “close to the case” maintained that Izzy Englander’s “settlement goes far beyond a lone trader behaving badly. This time the entire firm may be accused of securities fraud, and Englander himself could be charged with failure to supervise his brokers.: “There was systematic, organized, pervasive wrongdoing on a huge scale at Millennium,” claimed one of the sources.
Englander ultimately settled the matter and paying $30 million in civil penalties himself, without admitting or denying any of the allegations.
Englander’s Millenium Partners hedge fund also paid more than $121 million, and two management companies that Englander controlled paid almost $27 million in ciil penalties.