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midtownguy70 t1_jdd0y3k wrote

So, 60 million less than the cost of one penthouse on Billionaires Row. Crazy.

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_ACompulsiveLiar_ t1_jddln7v wrote

That thing is not selling for 250m lmao. They're just putting it at that price for the marketing

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midtownguy70 t1_jdduu5e wrote

Sure but single units HAVE sold for north of 190 million so the interesting comparison remains...interesting. in 2019 a penthouse over there sold for 238 million. Ka-ching.

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_ACompulsiveLiar_ t1_jddvkij wrote

Yeah I know but that thing is literally just not worth 250m. Like 220cps sold the top 4 floors for less than that for more square footage, not to mention 220cps is way most costly per sqft

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Patruck9 t1_jdefy9j wrote

These billionaires aren't buying for square footage, they're buying for bragging rights.

It's also why 432 Park was all the rage at first until it was revealed how badly built everything is.

Edit: All that said, put me in an apartment about 100 feet over the city and I'm content. I can do observation decks, but living at that height? I don't think Michael Jacksons doctor could calm me.

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Laxziy t1_jdfd9cj wrote

The view is definitely awesome but honestly if I had effectively infinite money give me a townhouse to myself any day of the week.

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_ACompulsiveLiar_ t1_jdfhyno wrote

They aren't buying for any of those, it's just an investment. You're overthinking this. Ken griffin doesn't give two shits what other billionaires think about his property, he just believes that 220cps is a good investment, and whether or not he lives there, it has been a good investment. Property is a great place to park money, all things considered.

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TennSeven t1_jdelyx2 wrote

>in 2019 a penthouse over there sold for 238 million

Do you have any credible sources for this? This site states that the most expensive home sale in 2019 was a $98 million, 5 story penthouse.

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TizonaBlu t1_jddv1ye wrote

I really think they made a huge mistake making that a triplex instead of one full floor and a duplex.

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_ACompulsiveLiar_ t1_jddvwc7 wrote

The building already has 2 duplexes and like 15 full floor units lol. I think 107 & 127 are duplexes and then everything in between those are full floors. They might split, anyway. A lot of high end buildings will split their units up if they don't sell fast enough and they lose patience

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TizonaBlu t1_jde0o7k wrote

Not sure what your first sentence has to do with anything I said. I didn’t say it didn’t have any of those things.

My point is they should have gone with one full floor and a duplex, thus lowering the price point so they’ll be easier to sell, people willing to drop 100m for an apartment is already slim pickings and 250m is even smaller even for NY.

What could happen is these two are on the market, and if someone actually does want a triplex, they buy both and combine them. Doing a triplex makes their options much more limited.

Also, in terms of them splitting, it’s certainly a possibility. However, they built themselves into a corner as they’re not designed to be two apartments. The first floor doesn’t have a BR worthy of being a primary. Second floor doesn’t have a kitchen nor living room. This will require significant work to convert not to mention moving of plumbing.

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_ACompulsiveLiar_ t1_jde6gjg wrote

Yeah but these buildings are not priced to sell. They're priced to price. If they wanted to price to sell there woudl be no full floor units they would just cram 7 2 bedrooms on every floor. They price to price on purpose, because it's an investment building not a residential building. Literally nothing about standard residential development or real estate dynamics applies here. You talking about "2nd floor doesn't have a kitchen and that's weird" like whoever buys the top 3 floors of this building give a shit about the cost of building a kitchen. Who is buying the top two floors and being like "damn it I have to spend $2M and wait 9 months for my kitchen, to move in!"

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