Monday, January 12, 2009

In Other News: People Still Throwing Away Millions

As pretty much everyone is losing their jobs it is good to see that the good people at Corcoran are successful at selling the most expensive real estate on the planet (740 Park included). In a very recent transaction, an 18 room, 6,500 sq. foot apartment (6 bedrooms, 5.5 bathrooms, 2 maid rooms, 100 feet of Central Park views) at what many consider the world's most desired address, 820 Fifth Avenue was recently sold under the carefully botoxed eye of Sharon Baum.

We can't imagine (but would surely enjoy our readers' input) who may have been so bold as to spend over $30 million on an apartment in a year when hedge fund managers are subpoenaed for making even $1 dollar in the open market. Knowing how notorious 5th Avenue co-ops are for only allowing old money in, and the only people who made any sort of free cash flow in 2008 were actors or Michael Phelps, something here just does not compute.

Nonetheless, if you have been watching the Nostradamus specials on the History Channel and believe the world is ending in 2012 and don't give a rats ass about anything except making it into the Social Register one way or another, Corcoran has something for you. At a mere $25 million, you will be able to buy a 14 room duplex at 998 Fifth Avenue, granted no park views so you will be relegated to mere mortal status. But ah, what a mortal, with neighbors such as Morton Hyman, CEO of OSG, Ann Slater, Jo Perella, Steve Rattner (Quadrangle bigman and potential car czar appointee) and Nathan Bernstein of Lazard fame (probably not the guy who will be going on the Toronto due diligence trips).
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