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Manhattan Real Estate – on another planet

by sfishome on March 24, 2010

The Wall Street Journal reported today on a luxury highrise Manhattan condo that sold at auction for $33.2 million. This after another buyer backed out last June at $18 million. My first instinct was to assume a bailed out bankster. I should have gone with my second instict. A Chinese businessman.

At $6,000 per SqFt “even though the apartment was in ruins”.

So how did the price get so high? Per the WSJ “five hours and 35 rounds of bidding between two of the bidders, Broker’s said”

I’ll have to go dig up an ancient post of mine, talking about how Manhattan far out ran San Francisco real estate, and therefore had farther to fall.  (I found the post – the SF to NYC comparison is quite dramatic).  But bailout money and being the center of the financial world has it’s perks.

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