Crime & Safety
UPDATE: Rooftop AC Units Were Ablaze at Billionaire's Hedge Fund Headquarters
The 3-alarm fire was at the Stamford headquarters of Greenwich billionaire Steven Cohen's financial investment firm.
Photos: scenes from the three-alarm fire Nov. 7, 2015 at 72 Cummings Point Rd., Stamford, where the headquarters of billionaire Steven Cohen is located. Courtesy: PuckStopperPhotography.com.
Updatee: 2:48 p.m., Nov. 8:
In a statement issued Sunday afternoon, Point 72 Asset Management said the firm’s office “will be open for business as usual tomorrow.”
Find out what's happening in Stamfordfor free with the latest updates from Patch.
Updated 12:15 p.m. Nov. 8:
Here is the Stamford Fire Department’s statement on the fire that damaged the headquarters of Point 72 Asset Management, the financial firm owned by Greenwich billionaire Steven Cohen, at 72 Cummings Point Rd. Saturday morning.
Find out what's happening in Stamfordfor free with the latest updates from Patch.
“At 8:13 Saturday morning, Stamford’s Combined Dispatch Center began receiving multiple calls, reporting heavy black smoke coming from the roof of 72 Cummings Point Road. Some callers reported occupants fleeing the building. A first alarm assignment of three engines, a ladder truck, a rescue company, a Rapid Intervention Team and an Incident Commander responded.
The commercial office building at 72 Cummings Point Road is home to “Point 72 Asset Management”, a group of hedge funds founded by Steven A Cohen.
The first arriving engine company confirmed a working fire on the roof of the large commercial structure. A second alarm was immediately requested by the Incident Commander, bringing an additional engine and truck company.
“Fire crews quickly gained access to the roof and found a large air conditioning unit well involved, threatening several other adjacent units and the roof of the building” according to Acting Deputy Chief Shaun Tripodi.
Firefighters worked for about an hour cutting away, removing duct work and the metal housing from the air-conditioning unit so they could fully extinguish the fire.
Firefighters later learned that the air conditioning units had just been installed and several tradesmen had been working on them when the fire broke out. Two tradesmen were transported to Stamford Hospital Emergency Department for smoke inhalation. Their injuries did not appear to be life-threatening. There were no firefighter casualties.
A third alarm was sounded, bringing an additional engine and truck company to the scene to assist with the overhaul and to provide relief for the initial attack crews.
Firefighters also performed salvage operations, covering office equipment with large tarps to help limit water damage to the offices below the fire.
Stamford’s volunteer firefighters were toned out and were requested to stand by their respective stations. In addition, Norwalk Fire Department provided an engine and truck company to cover the Central Fire Station / Headquarters at 629 Main Street.
Two Stamford EMS units, a Paramedic Supervisor and a rehabilitation unit responded to the scene and assisted. Stamford Police provided crowd and traffic control.
The cause of the fire is currently under investigation by the Stamford Fire Marshals Office.
The trading floor and data rooms were unaffected by the fire.”
Here is a statement issued by Point72 spokesman Mark Herr regarding the Saturday morning fire at the hedge fund headquarters.
“The fire was small, confined to the roof of 72 Cummings Point Road (CPR) , and quickly extinguished by the Stamford Fire Department. It apparently began (Saturday) morning when a welder’s torch, being used to install a new HVAC unit, ignited a small portion of the roof. No Point72 employees were hurt. Our initial examination of the building showed some water damage in the pantry area on the second floor, but no other material damage to the building. We are doing a more thorough assessment of the building and are closing the building for the weekend as we do so.”
Original story: Nov. 7
Stamford Fire Department reports that crews are at the scene of a 3-alarm fire at 72 Cummings Point Rd. — the headquarters of billionaire Steven Cohen’s private asset management firm.
In a post on Twitter about 10:20 a.m. Saturday, the department reports the blaze “is under control, fire companies are beginning to clear the scene.”
The headquarters of Point72 Asset Management, L.P. the family office of the investment company owned by the Greenwich billionaire is located in the building.
The Stamford Fire Marshal also is at the scene.
It was not immediately known whether there were any injuries.
After a federal investigation and fines levied by the government, Cohen took his asset management firm private last year where staff manages his assets.
While Cohen has never been charged, the insider trading and wire fraud case led to the indictment and conviction of eight former employees of the funds that managed mostly Cohen’s investments.
There was an $1.8 billion financial sanction — $900 million was a fine and the other $900 million was forfeiture of assets, more than double the $400 million that prosecutors said was gained through insider trading.
Cohen and his wife Alexandra also are well-known art collectors who regularly loan works from their collection to museums, and philanthropists. Cohen reportedly was the buyer of the world’s most expensive sculpture, Alberto Giacometti’s ‘Man Pointing,’ that sold for $141.3 million in an auction at Christie’s in May.
In October 2014, the Steven & Alexandra Cohen Foundation donated a total of $20 million to create the Cohen Children’s Institute at Stamford Hospital. And last month, the foundation gave Greenwich’s food and clothing bank, Neighbor to Neighbor, a $1.5 million gift to kick-start fundraising to build a new facility.
Check back for updates.
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