Apparently its true…….
Gazillionaires rejoice! If you’re in the market for a piece of ultra-luxury Big Apple real estate—you’re totally in luck. An unprecedented wave of deep discounts across the New York City region means that the city’s priciest pads are now available at lower—though not exactly low—prices.
The market for deeply-discounted penthouses wasn’t always so robust. Nearly half-a-decade ago, there was a scarcity of new-build, ultra-luxury, super-premium condos in New York—particularly along what’s become known as “billionaires’ row”, a broad swath of Midtown just below Central Park. But the arrival of One57 to the area in 2014 super-charged the top end of NYC’s real estate market and spurred a bit of a pricing war. One57 offered penthouses close to the $100 million range—and suddenly, penthouses with eight—and even nine—digit price tags became the norm.
The problem was, that many didn’t sell—causing owners and developers to begin seriously slashing prices. Indeed, a firestorm of cuts has emerged over the past year in both New York and nationwide—none more spectacular than a unit at One57 itself. Its owner, controversial Nigerian oil mogul Kolawole Aluko, couldn’t keep up with his mortgage, prompting the largest residential real estate foreclosure in US history earlier this year—and the subsequent sale of his unit for a “mere” $36 million, far less than the $50.9 million he paid for the condo in 2014.
More here – Quartzy
