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Old 02-06-2015, 04:26 PM
 
Location: New York, New York, United States
19 posts, read 23,003 times
Reputation: 10

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The market for high-end luxury housing in NYC has gone beyond insanity.

$100M to buy this apartment, $500k/month to rent this one


Can anyone explain what is going on? Or why anyone would choose to spend money this way?

Not judging. People can spend their own money however they want. I just cannot understand why anyone would spend it like this.
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Old 02-06-2015, 04:32 PM
 
Location: NYC
5,187 posts, read 4,642,192 times
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It's not insane if you're a billionaire. Now if you say the existence of billionaires is insane, that may be something.
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Old 02-06-2015, 04:50 PM
 
Location: New York NY
5,511 posts, read 8,720,947 times
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Foreign potentates, celebrities, and random billionaires rent places at these prices for relatively short stays, maybe a few months at a time while they have to be in the city for some reason, but want more privacy than they can get in a hotel. At least I think that's the market.

I couldn't get in touch with any of my billionaire friends to ask.
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Old 02-06-2015, 05:10 PM
 
Location: Brooklyn, NY
1,271 posts, read 3,222,843 times
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Literally only one residence in all of NYC has ever sold for more than $100 million. This is such a small slice of the market as to be irrelevant.
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Old 02-06-2015, 05:14 PM
 
12,340 posts, read 26,055,320 times
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I pass by that building every so often, and there is always a line of really high-end looking limos idling on the street outside. Do you think these are residents' personal/private drivers, just waiting to take their client wherever they might need to go? I guess with that kind of money it would make sense the residents have personal drivers ready at a moment's notice.
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Old 02-06-2015, 07:54 PM
 
Location: Brooklyn, NY (Crown Heights/Weeksville)
993 posts, read 1,379,069 times
Reputation: 1121
In the rental unit, I see a free-form wooden coffee table reminding me of things I've seen in fisherman cabins in Maine. Their TV sits on the floor.

How sad that they spent so much on rent, now they can't afford furniture.
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Old 02-07-2015, 09:07 PM
 
Location: New York, New York, United States
19 posts, read 23,003 times
Reputation: 10
Default Not such a small slice...

Quote:
Originally Posted by BrownstoneNY View Post
Literally only one residence in all of NYC has ever sold for more than $100 million. This is such a small slice of the market as to be irrelevant.
That $100M unit was in the One57 tower, which is soon to be surpassed by 432 Park, 530 Park, 111W57th, 220 CPS, and the Nordstrom Towers.
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Old 02-07-2015, 11:26 PM
 
12,340 posts, read 26,055,320 times
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Well, here's part of an answer:

54% of sales of over $5 million are to shell companies.
Stream of Foreign Wealth Flows to Elite New York Real Estate

The shell companies hide the true owners, some of whom have been linked to organized crime, fraud, corruption and criminal activities. The very nature of a shell company makes it hard to find out who these people are and what nefarious activities they've been involved in, but apparently there is a way to trace some of the money. I haven't read the article yet, just the first few paragraphs.
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