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One57 Condo Flipper Set To Take $7 Million Haircut
By
David Colon
Published Sep 9, 2016
Modified Sep 9, 2016
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Extell
By
David Colon
Published Sep 9, 2016
Modified Sep 9, 2016
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One57, like many shadow-casting buildings on 57th Street that will one day plunge Central Park into eternal darkness, isn't very well-liked by people who aren't hiding potentially dirty money in New York City real estate. For people who do love hiding money in LLCs though, the building has seen record-breaking sales figures. But while our billionaire overlords might be living up on 57th Street among the clouds, flinging the occasional penny at a passing pedestrian, the proletariat gets a laugh today because one of One57's condo flippers is going to have to sell one of their apartments for a huge loss. Now that's a #DeBlasiosNewYork we can get behind!
The Real Deal reports that unit 62A in One57, which was bought by "Escape from New York LLC" for $32 million in 2014, has now been reduced to listing the 4,500 square foot ultra luxury apartment for just $25 million, which is a 21% price drop. In your FACE shady real estate interests! Try buying a third mega-yacht with that $7 million hole in your bank account, ah shit I guess you still can, huh?
Listing the apartment in whatever the really really rich person version of Price Chopper is follows the trend of a softening (ew) demand for super high-end condos that was first identified this summer. It also follows in the footsteps of the Brooklyn condo glut, in which luxury apartments for the merely really rich are seeing a slowdown in demand. Does it mean that you, a person relying on a paycheck instead of dividends or money laundering or a trust find might one day afford apartments? Let's see, what did we say last time this question came up...
A housing expert who works for a prominent real estate investment company who asked to remain anonymous because he was speaking so candidly, agreed that New York has a chronic supply shortage that will take decades to fix. Even if the housing market cools off, he said, "when the bottom falls out ... you will only see massive rent decreases in marginal neighborhoods."
Even if Brooklyn's housing sales end up being a bubble, the expert says, it's unlikely that renters will reap the benefit of it bursting, as "rents are not speculative, whereas housing prices are."
Tagged
rich people
one57
billionaire's row
David Colon
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