New York’s Plaza Hotel Going to Have The 68 Million Dollar Apartment?
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That is the word coming out of the New York Post as Harry Macklowe, a commercial real estate baron, is looking to put together a few apartments to create one massive home in the Plaza Apartments in New York. Back when the Plaza Private Residences were announced the top price was expected to be 35 million dollars, but that number is nearly doubled.
And the price is further exasperated by the selling agents having sold one property in the middle of the group that Macklowe is trying to put together.
To his horror, he’s discovered that one rogue unit - already sold to someone else - stands between the apartments he plans to merge. Sources close to Macklowe, whose prized commercial properties includes the General Motors Building (where his empire is headquartered) just across Fifth Avenue, say he’s now negotiating to buy that lone apartment, which was originally $4 million. This means he could end up paying close to $68 million for his dream home - which would easily beat the state’s record of $53 million.
Last month, two reports surfaced in the New York Observer and the New York Times touting apartments that had sold for $50 million and $56 million respectively in the nearly 100-year-old building. Whether they were part of the Macklowe purchase was unclear, since neither publication named a buyer. via the New York Post
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
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