A NYC apartment just sold for $100 million

[srican69]

A duplex penthouse at the pinnacle of One57, the vitreous skyscraper with nonpareil vistas of Central Park, the Hudson and East Rivers and almost every landmark on the horizon, sold for $100,471,452.77 to a mystery buyer, shattering the record for the highest price ever paid for a single residence in New York City, and was the most expensive sale of the week, according to city records.

While the One57 duplex penthouse was the first to break the elusive $100 million barrier in New York City, it was certainly not the first in the United States. Last year, at least three estates sold for more than $100 million, including the most expensive residence in the country: an 18-acre property in East Hampton on Long Island that sold to Barry Rosenstein, a hedge fund manager, for $147 million.

http://www.nytimes.com/2015/01/25/realestate/100-4-million-dollar-sale-at-one57.html?action=click&pgtype=Homepage&module=real-estate-left-region&region=real-estate-left-region&WT.nav=real-estate-left-region

you can check out the views that $ 0.1 Billion apartment will buy you here
http://www.one57.com/

Something is seriously out of whack in the world we live in, where many wonder where their next meal will come from !

[brooklynite]

1. Name a time in history when there haven't been mansions/villas/palaces etc.

[Dreamer Tatum]

7. People forget the real estate tax that gets thrown off by that box in the sky.

Not exactly bad for NYC.

[Yavin4]

8. That's an overly broad question

Most of human history consisted of monarchies and slavery. It's only been fairly recently that we've had true representational democracy. It's unseemly for there to be this much concentrated wealth in a modern democracy.

[Rex]

11. Yes and some of these uber rich assholes want to go back to monarchies and slavery.

They will fuck up the world, for profit and power.

[srican69]

14. I never said the world was fairer at some point.nt

[kcr]

16. Isn't it a sad day when someone can't buy a 100 million apartment

without the peasants grousing about income equality? What a horrible thing to subject them to. They shouldn't have to trouble their minds about stuff like that. I'm sure it wrecks their day.

[JaneyVee]

25. As a Manhattan resident I find this horrifying.

[ChosenUnWisely]

2. Obviously it was not a rent control apt.

[Rex]

3. Wealth inequality is worse now than ever before in our history.

And some don't even give one fuck about it! Their mantra is 'fuck you, I got mine and fuck the rest of the world'.

[benz380]

4. Chelsea and hedge fund hubby only paid around $10 million for theirs. Must be a real dump! n/t

[yeoman6987]

31. Lol. Too funny!

[Nye Bevan]

5. I bet the seller would have accepted $100,471,450 (nt)

[jberryhill]

9. Don't you love those....

When the parties are within spitting distance of settling, and some attorney wants to argue with another attorney for several hours over it?

[rug]

13. It includes closing costs.

[Dreamer Tatum]

6. Will probably never be lived in. Except by staff sometimes. nt

[dixiegrrrrl]

19. Winnah!!!!! You are correct.

Many articles around the net on what they call "deposit boxes" apts.
A lot of these expensive places are held for an investment against future sales. Many are unoccupied for most of the year.
sadly, that raises prices for everyone else.

[yuiyoshida]

10. Wow..The super rich...huh?

You couldn't pay me enough to live there.. I would miss my city too much. I would miss my culture even more.

[rug]

12. I grew up in a rent controlled walkup 10 blocks north and five blocks east of there.

The silent assault on working people in Manhattan has resulted in over a half million working class people being forced out for . . . . this.

[HappyMe]

15. I can't imagine having that kind of money.

$100 million just for your house!

[Bluenorthwest]

21. Actually just for your house in NY.

No way this will be the owner's only home. Not a chance in hell.

[enlightenment]

17. In the 1st week of February, 1637

the "tulip bubble" burst at an auction in Haarlem (Netherlands). The tulip market was poorly regulated, leading to tremendous speculation, buying futures, etc. At one point, a pound of tulip bulbs would sell for the modern equivalent of almost $26,500. In the space of a day, confidence faltered and that bag of bulbs was worthless.

This is no different. Eventually, the bubble will burst and the owners will be left with an ugly, high-rise boondoggle.

[linuxman]

26. No different?

What's the utility of a large, luxury residence in a good location where real estate is tapped?

What's the utility of a tulip?

Housing costs have their ups and down, but they trend upwards and always have. Even the 2008 housing crisis was a temporary setback. Tulips were a craze. Housing isn't.

Do you see apartments in Manhattan devaluing to the cost of a double-wide in Tennessee in the space of a day? A week? Ever?

Not saying 100 mil is reasonable, but there are worlds of difference between the two.

[enlightenment]

30. There is no

difference in the speculative aspect.

[kentauros]

18. That's a rather hefty monthly payment.

So, being an "apartment" they will then pay $1,205,657,433.24 annually, right? If not, then why isn't it called a condo? I've never heard of the ability to purchase a single apartment unit. You rent them, or you buy the entire complex/building. Unless y'all just do things weirdly different in NYC.

[dixiegrrrrl]

20. I believe the Dakota Apts. are an example of buying a single apt.

In fact, people have bought 2 adjoining apts, knocked the walls out to make one super huge apt.
Read that in a book about the building.

[kentauros]

22. And that's why I'm confused.

I understand that a condo is purchasable. But apartments, at least in my entire life's experience, are for rent only. They need to call it something else to avoid confusion. Besides, if you're paying that much for a residence, seems like you'd also want it referred to as something other than what the common worker lives in

[jmowreader]

23. They just do things weirdly different in NYC

Anywhere else this would be a condo...although anywhere else, $100 million for a condo would get you the whole building. NYC uses the term "apartment" for this.

There are some strange terms there...chocolate milk with seltzer is an egg cream, soft ice cream is frozen custard, George Steinbrenner is a human being...

[kentauros]

24. Thanks for the humourous side to it all

And you're right, a hundred million would get you a whole building anywhere else! Kind of reminds me of that high-rise apartment in India that one billionaire built for himself, and that everyone reacted badly to because of how ugly and energy-inefficient it was.




Although, after looking at an old DU post about it, the cost was $2 billion to build it

[linuxman]

27. To be fair,

He at least gets to own the building and the property it sits on. What are the provisions for the place in NYC? Can the property owner who controls the rest of the building demolish and start anew if the building fails code in 50 years and needs demolished? What becomes of the guy in the penthouse? does he have the cold comfort of knowing he has the rights to an empty pocket of air above the site?

[brooklynite]

29. See below. This is a condo arrangement...

...so the apartment owner also hold a partial ownership in the common space elements of the building.

[brooklynite]

28. New York City has two formulations for apartments

Historically, they were part of Cooperatives. You effectively bought shares in a cooperative ownership corporation which owns the building, who which gave you a lease on an Apartment unit. Today, most new buildings are sold as condominiums, where you buy a physical apartment space and a share in the common spaces of the building. One57 is a condominium.

[kentauros]

32. Thanks for the clarification.

I guess lazy reporting strikes again.

[pansypoo53219]

33. but raising minimum wages would be terrible for amerika.