Our story begins in 2009 with a little-known Los Angeles-based private equity firm called CIM. The firm’s three managing partners, a former Drexel Burnham banker and a pair of former Israeli paratroopers, quietly dropped in on Manhattan’s punch drunk post-financial crisis real estate market with money to spend. CIM moved quickly, writing checks to bail out some of the city’s most prestigious real estate families and firms, as projects were stalling and financing had all but dried up. The outsiders became Manhattan power players overnight.
My new piece at Fortune looks at the architectural manifestation of record-high global wealth inequality, a building known as 432 Park Avenue in New York City. 432 Park is the third tallest building in North America and the tallest residential building in the western hemisphere. And it contains just 104 homes.
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