Manhattan is known for its insane real estate prices. Among the high-status locations in the city, one the most well-known and prosperous is Manhattan’s Billionaires’ Row.
Recently, a multi-million-dollar apartment was put up for sale and ended up selling way below asking. This resulted in a $12 million dollar loss on the beautiful 4500 square-foot condo at 157 West 57th Street aka One57.
There was a Manhattan real estate craze back in 2014 and amid the rising prices, one man initially purchased the condo for $34 million. In the same year, the penthouse of One57 was purchased by tech billionaire Michael Dell for $100.5 million.
These multi-million-dollar condos have experienced a major decline in value since the 2014 peak. One57 used to be the tallest residential building in the city at the time, standing over 1000 feet and features a screening room, an art atelier, private fitness center and a Park Hyatt on the lower 18 floors.
With citizens moving out to the suburbs and the country due to the coronavirus pandemic, will the damage continue for these highly sought out, high-status residential buildings?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.