Ilya Marritz covers business for WNYC.
Paulson & Co., a hedge fund that made a fortune betting against the housing market, is now putting a bet on Steinway, the 160-year old piano maker. Paulson will pay $512 million for the company, which continues to manufacture pianos in a factory in Queens.
Arnie Ursaner, an analyst with CJS Securities, said Steinway workers do not need to worry about the factory moving or shutting down. “The skills involved in building a custom-made, handmade piano are unique,” Ursaner said.
“I’ve been to the factory — if you try to match up the two veneers in a piano, the person that does that has been trained for 10 years,” she added.
Please note: an earlier version of this story referred to Paulson & Co. as the likely buyer of Steinway.