7 Million USD asking profit in two weeks?

This is R-E-A-L-L-Y old news, and has already been discussed on curbed.com, this site, and many other real estate threads. Thanks for playing....

Malraux, if you can't say something nice, don't type.

Sorry, but it was like writing "...oh, I just heard some guy named Obama was voted presidant-elect last week..."

Lincoln shot.

LPI...at first glance I agree it's crazy...BUT if you can afford $16.5m you're not searching websites to see what the seller paid for it. The agent's not going to mention it and the buyer will see a beautiful apartment thinking that's the price and go for it. If it sits on the market the seller can always drop the price but he's shooting for the stars and why not.

Julia - I think everyone knows whose apartment it is. In any event, the likelihood of making 76.5% in a fortnight in ANY market on ANY instrument is pretty slim. Annualised, that's 1,989%. Sweet!

Who cares, but I have a thought that has lingered for over a year now. Will 15 CPW simply collapse in cache and at some point be offered at $2,500 psf or will it settle in at 4-5k?

I'm thinking, realistically, somewhere between the two.

Cheap! Let's make a run for it!

15 CPW and The Plaza will cost the rich dearly.

Could not agree more walterh7.

15 CPW will not.

The Plaza most certainly will.

They might both be expensive, but that's where the similarity ends.

A flipper at the Plaza is already asking $400,000 LESS than his purchase price. Add the 6% commission to the current $14.5 million asking price, and he is in a deep hole. The Plaza will go down as one of the biggest money pits in Manhattan. If the Plaza was a bank or car company, it owuld be begging for a government bailout.

15 CPW on the other hand is a gold mine.

Both of those places are going to go down as the worst examples of manhattan real estate irrational exuberance. i'm sorry, but you could buy a magnificent apartment on central park west in the 60s or 70s for well under 2,500/sq foot, even BEFORE prices started to decline.

happyrenter, sorry, have to disagree. 15 CPW will be considered one of the great (if not the single greatest) Manhattan residential real estate developments in the last quarter- to half-century, in terms of allure and importance. Not to say prices won't come down - a sinking tide lowers ALL boats, of course - but 15 CPW and the Plaza are two VERY different things.

Look, there is a taste issue here, and I find 15 CPW boring and ugly as a piece of architecture. But that isn't the point. Why would you pay twice the price (or more, with some of these flips) to live in 15 Central Park West than to live in, say the Majestic or the San Remo? Just doesn't make any sense at all. I can see why you would pay up to live at the top of the Time Warner Center, where you get views that you can't get lower down. I wouldn't pay those prices, but I can understand it. 15 CPW just makes no sense.

"...Why would you pay twice the price (or more, with some of these flips) to live in 15 Central Park West than to live in, say the Majestic or the San Remo? Just doesn't make any sense at all..."

One word.

C-O-N-D-O.

i hope that's a joke. TWICE the price for a condo at the ultra high end level? just not rational at all.