Wipeout?

That's some juicy maintenance

Also it’s on a land lease

Is this the shape of things to come for some of these new(er) land lease buildings?

ouch.

They started at $5.975. They conceded on price right out of the gate.

it's a land lease. When will the lease end?

Another new development horror story and land lease on top of that.

300,
Did your friend end up pulling the trigger on that land lease deal? Was that 70 Charlton?

What do people think resales at 70 Charlton are going to be like?

Does it come with the Lladro figurine? Asking for a friend...

30, Yes but for a huge discount compared to the initial ask. I personally would stay away from a land lease which even comes with “inclusive housing” I think, but this friend is good with numbers and much richer than me.

And from what I can tell 21 East 61st is only 8 foot ceiling height. Just look at the kitchen cabinets. It is still at $2k plus why?

But the sellers are rather wealthy. So probably do not care a whole lot.

Rich people don't care about ceiling height?

No about overpaying.

?? Rich people don't care about overpaying? I need to meet *those* rich people. My wealthy buyer clients are just as price-sensitive as my less-wealthy ones.

https://therealdeal.com/2020/05/27/trd-insights-manhattans-in-contract-resi-deals-jump-52/

I have not looked up the sellers, but I am guessing they have at least nine figures to the left of the decimal point in their net worth to brush off a loss of this magnitude.

They are CEO / philanthropic types. But that loss had to sting.

Keith, that article was old news at the publishing date, the following week it dropped back down again. Random aberration of low numbers.

Catherine M. Burzik was the CEO of a major health supplier (public company, listed on NYSE) with >1B yearly revenue. One might imagine that her trust's net worth is in the mid 8 figures. So this is not an insubstantial loss (3M).

Ali, You just need to look at the art word for over paying. I remember some 10 foot tall dog sculpture selling for ridiculous price. The same way some very wealthy people drop $100k on a couture dress they will wear a few times at most. And of course we all know about boats and yachts.

There are people with a lot of money (I am not talking about $10-20mm net worth but much higher) and some of them make impulsive vanity decisions with a percentage of their money and still left with more money than they know what to do with. And of course I must mention Jho Low. Did he really care if he overpaid a few million?