In April we pointed out that due to an already abundant supply of condos on the market, luxury real estate developer Extell Development Co couldn’t sell luxury condo’s at its One57 tower, in the heart of New York’s premier ultra luxury destination.
Extell decided that instead of leasing luxury apartments, it would sell the units as higher end apartments in order to fill vacancies and generate cash. As a reminder, Bill Ackman paid $91.5 million for a condo in One57 in April of 2015 just “for fun” in hopes of flipping the unit at some point. Continue reading »
If you have a lot of disposable cash, and a desire to go swimming 28 storeys above the Manhattan streets in a pool connecting two buildings, you’re in luck.
Forget the Skycraper Index as a sign of an imminent top, the “Pool In The Sky” Signal may just have outdone it.
From ABC News
By next year, the wealthiest New Yorkers will be able to swim 300-feet in the air in a swimming pool suspended between two towers. Continue reading »
– US Government Confiscates Midtown Manhattan Skyscraper, One Time Ivan Boesky HQ, From Iran (ZeroHedge, Sep 18, 2013):
A week ago when we presented the missing link in the “all cash” housing recovery, namely laundered, embezzled or simply stolen off-shore sourced cash parked in the US real estate market which takes advantage of the NAR’s generous anti-money laundering provision exemption, we asked what we thought would be a rhetorical question: “just how far will Preet Bharara take this, and comparable such future actions?” Turns out the answer is quite a bit farther, and higher. And not only that, but instead of just targeting residential real estate, the US attorney in Manhattan, is now focusing on commercial real estate as well.
As CNN reported moments ago, the US government has seized an iconic midtown Manhattan skyscraper, one where none other than Ivan Boesky plotted his insider trading schemes in the 1980s, that prosecutors claim is secretly owned and controlled by the Iranian government. The skyscraper in question is 650 Fifth Avenue, also known as the Piaget building.
– Ring the Bell for Manhattan Real Estate: Calpers Buys the Top Again (Liberty Blitzkrieg, April 17, 2013):
The dumbest of the dumb money has finally decided now is the time to buy Manhattan apartments. The California Public Employees’ Retirement System (colloquially known as Calpers) just loves taking assets off of other people’s hands at the top. Let’s not forget the 10,200-acre desert site in Arizona they bought for $400 million in 2006, which was then sold for $32.5 million in 2011. Well the not so savvy managers of California’s retirement funds are at it again, once again paying the sum of $400 million, but this time for 345 apartments in Manhattan’s wildly overinflated real estate market. If there was ever the equivalent of a bell ringing at the top this has to be it.
The California Public Employees’ Retirement System bought 345 apartments in two adjacent Manhattan towers from a partnership including Carlyle Group LP (CG), gaining rentals in New York as lease rates approach a peak.
The government agency building a 102-story skyscraper at the World Trade Center site is investigating the discovery of two sets of blueprints for the building that a homeless man says he found in the trash.
The schematic documents for the Freedom Tower, under construction at ground zero, were marked “Secure Document – Confidential,” the New York Post reported Friday.
The documents, dated Oct. 5, 2007, contain plans for each floor, the thickness of the concrete-core wall, and the location of air ducts, elevators, electrical systems and support columns, the Post reported.
Michael Fleming told the newspaper he found the documents on top of a public trash can in downtown Manhattan, with written warnings on it to “properly destroy if discarded.” Continue reading »