Guess How Much This Place Is Going For

Posted by: Peter Coy on November 22, 2005

Look at this place, guess how much it’s selling for, and then, to check your answer, click on Continue reading …

sotheby's-home.jpg

Snotty answer: If you have to ask, you can't afford it.

Truthful answer: $50 million.

It's in the East 50's of Manhattan overlooking the East River. Judging from the pictures , the current occupant is majorly into pink. But you could probably get it repainted and decorated for no more than $5 or $10 million.

Here's what you get for your money:

16 rooms
8 bedrooms
7 1/2 baths
Maintenance fee of $10,920 a month

Here's the sales pitch, misplaced commas and all:

Carter B. Horsely of the New York Times, writes of this prestigious prewar cooperative "arguably the city’s, if not the world’s finest apartment building." Rarely is a private residence of this opulence and elegance available for sale. Towering over the East River, this 16 room duplex home on two full floors, designed by Robert Couturier is surrounded by majestic views.

Full disclosure: I was sent a brochure featuring this place and others by a college classmate who went into the real estate business. I told her that I'll get right back to her as soon as I get hit by a bus and win the lawsuit.

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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