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WHAT REAL ESTATE CRASH? NOT IN NYC- ONE APARTMENT UNITJUST SELLS FOR $50 MILLION-BUILDING WORTH ONLY 1 BILLION

 
181 UNITS LEFT TO SELL
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05/20/2007 09:59 AM
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WHAT REAL ESTATE CRASH? NOT IN NYC- ONE APARTMENT UNITJUST SELLS FOR $50 MILLION-BUILDING WORTH ONLY 1 BILLION
From NY DAILY NEWS. wtf

Apartment at Plaza goes for a big sum: $50M

Some buyers just can't wait.

Though the Plaza is still six months away from its grand reopening, an apartment in the fabled hotel has been reportedly sold for more than $50 million - the highest price ever for a pad in New York.

The New York Observer, quoting real estate sources, said the price easily tops hedge fund manager Daniel Loeb's $45 million for a penthouse at 15 Central Park West.

A spokesman for Plaza developer El-Ad Properties said he "could neither confirm nor deny" the Observer report.

The Plaza, subject of a score of movies, not to mention the popular Eloise stories, has been a New York institution since 1907.

In August 2004, El-Ad properties, headed by Israeli-born developer Miki Naftali, bought the hotel for $675 million, closed it and announced it would spend another $400 million to refurnish it.

When it reopens in October, as a combined hotel, condominium and apartment complex, the new Plaza will have 182 private condos, 130 hotel rooms and 152 units that owners must live in three months out of the year if they want to rent them out.

As of 2004, the marketing plan called for condos to sell for up to $32.5 million. But prices have continued to skyrocket as New York's real estate boom shows no signs of abating, despite a stagnating national housing picture, according to the Real Estate Board of New York.
Anonymous Coward
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05/20/2007 10:25 AM
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Re: WHAT REAL ESTATE CRASH? NOT IN NYC- ONE APARTMENT UNITJUST SELLS FOR $50 MILLION-BUILDING WORTH ONLY 1 BILLION
I worked an overnight job on 67th street between 5th and Madison. About three in the morning I was on the street and noticed movement. Rats the size of tomcats. Huge rats. I saw about six of them. They had no fear of me. I ran back inside. I thought about bringing a bow and arrow the next night.
No matter how much you pay, the rats and roaches were there first. And trust me, they are everywhere.
Anonymous Coward
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05/20/2007 10:51 AM
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Re: WHAT REAL ESTATE CRASH? NOT IN NYC- ONE APARTMENT UNITJUST SELLS FOR $50 MILLION-BUILDING WORTH ONLY 1 BILLION
The bubble is busting in NYC also, just not in the money-is-no-object market demographic of 50 million dollar condos.

[link to www.nypost.com]
Inanna of Sumeria

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05/20/2007 10:54 AM
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Re: WHAT REAL ESTATE CRASH? NOT IN NYC- ONE APARTMENT UNITJUST SELLS FOR $50 MILLION-BUILDING WORTH ONLY 1 BILLION
Patience, patience.
Anonymous Coward
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05/20/2007 10:58 AM
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Re: WHAT REAL ESTATE CRASH? NOT IN NYC- ONE APARTMENT UNITJUST SELLS FOR $50 MILLION-BUILDING WORTH ONLY 1 BILLION
Looks like sinners will pay a premium to live in the 'Temple of Satan'

Oh if they only knew...

Christ be with you!
Anonymous Coward (OP)
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05/20/2007 11:21 AM
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Re: WHAT REAL ESTATE CRASH? NOT IN NYC- ONE APARTMENT UNITJUST SELLS FOR $50 MILLION-BUILDING WORTH ONLY 1 BILLION
billgates I may have to buy me one or two.

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