One57 foreclosure shatters price dreams at billionaires’ tower

Billionaires’ row Standing at 1,004 feet and sheathed in ocean-blue glass, One57, the most conspicuous icon of New York’s ultra-luxury buying frenzy, is now at the center of its slowdown. Extell Development Co.’s tower, which broke ground in 2009, drew investors paying large sums for lavish homes they rarely live in and reached $1 billion in sales after six months.

Energy leads modest slide in U.S. stocks as oil prices fall, by Alex Veiga. U.S. regulators approve first digital pill to track patients, by Matthew Perrone. Bloomberg. Google pays to put search engine back on Firefox browser in U.S., by Mark Bergen. One57 foreclosure shatters price dreams at billionaires’ tower, by Oshrat Carmiel. Fortune

One57 Foreclosure Shatters Price Dreams at Billionaires’ Tower. When a full-floor penthouse at Manhattan’s One57 sold at a foreclosure auction, it didn’t just settle an international mortgage gone bad. The deal also set a new price standard for the Billionaires’ Row tower that once stood as a symbol of unlimited extravagance. The 6,240.

One57 Foreclosure Shatters Price Dreams at Billionaires’ Tower. When a full-floor penthouse at Manhattan’s One57 sold at a foreclosure auction, it didn’t just settle an international mortgage gone bad. The deal also set a new price standard for the Billionaires’ Row tower that once stood as a symbol of unlimited.

Even billionaires are not immune to foreclosures as witnessed by a luxury condo at Manhattan’s One57 that is slated for the foreclosure block. According to a report by Bloomberg, this is the second time in a month that foreclosure has raised its head at the Billionaires’ Row tower following a mortgage default.

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In December, the condo board at One57 , the ultra-luxury skyscraper on Billionaires’ Row, slapped the owner of a $50.9 million unit with a $64,331 bill for unpaid building fees. Six months later.

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A 4483-square-foot apartment on One57’s 65th floor sold in April for $22.5 million, or 23 per cent less than its 2014 purchase price, according to StreetEasy.

One57 Foreclosure Shatters Price Dreams at Billionaires’ Tower. The price was 29 percent less than the $50.9 million that Nigerian businessman Kolawole akanni aluko paid for the apartment when he bought it new in 2014. The transaction marked the fourth time since 2015 that a resale condo at One57 traded at a loss from what the previous owner paid,