Gamma s bet on 3 Sutton Place was backed by UK hedge fund BlueCrest Capital, foreign client provided $100M towards Kalikow loan
From left: Joseph Beninati, Michael Platt and Richard Kalikow and a rendering of 3 Sutton Place
BlueCrest Capital Management, once one of Europe s largest hedge funds with $37 billion in assets under management at its peak, was the real money behind Richard and Jonathan Kalikow s $147 million bet at 3 Sutton Place, according to one of its former executives.
Headed by English financier Michael Platt, BlueCrest contributed more than $100 million of the high-interest loan provided to developer Joseph Beninati of Bauhouse Group by the Kalikows’ Gamma Real Estate for the construction of the planned, but ultimately stalled, 68-story, Norman Foster-designed condo tower.
BlueCrest, which reportedly faced an SEC probe earlier this year over possible conflicts posed by an internal fund that managed money for employees, was investing its own funds in the Sutton Place project as well as those of another unidentified foreign investor, Van Nguyen, the former head of equities derivatives trading at BlueCrest, said late last month in court papers relating to a lawsuit between Gamma and Beninati.
The hedge fund has since followed the leads of fund magnates such as George Soros and Steve Cohen in returning all outsi上海贵族宝贝交流区 de money to its investors and becoming a private fa上海贵族宝贝论坛 mily office.
“Approximately two thirds of the economic interest in the lender, Sutton 58[……]