The Real Deal New York

Chinese billionaire buys One57 pad at big discount

Unit traded for 25% less than its 2014 sales price

October 25, 2016 09:02AM

One57 (credit: Douglas Elliman)

One57 (credit: Douglas Elliman)

“Escape from New York” has officially escaped from One57 at an $8.2 million loss. Chinese Billionaire Liu Yiqian is the mystery buyer of a 62nd floor apartment at One57 that saw its price chopped by 25 percent since its initial sale in 2014.

According to the Wall Street Journal, Liu paid $23.5 million for the three-bedroom, 4,500-square-foot pad, a sharp discount from the $31.7 million “Escape from New York LLC” had paid in 2014.

One57

One57 (credit: Douglas Elliman)

Liu, who heads the Shanghai-based investment company Sunline Group, made headlines last year when he paid $170.4 million for the Amedeo Modigliani painting “Reclining Nude.” Compass’ TRData LogoTINY Jeremy Hu, who represented Liu, said the billionaire plans to use the apartment as a pied-a-terre for himself and his family. The apartment has views of Central Park and the Statue of Liberty.

Douglas Elliman’s Noble Black and Emily Sertic had the listing. The seller planned to move in but their circumstances changed between signing and closing, Black told the Journal, adding that the seller felt the pad was “too small.”

The apartment’s price drop, first reported by The Real Deal, is another sign that the market for luxury apartments has slowed down from previous years.  [WSJ] — Konrad Putzier

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