The Real Deal New York

Many of Manhattan’s luxurious homes lay vacant

Moguls, magnates and celebrities often own multiple, similarly decked-out apartments

September 05, 2014 09:00AM

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From left: Emma Heming, Bruce Willis and the Eldorado on the Upper West Side

From left: Emma Heming, Bruce Willis and the Eldorado on the Upper West Side

The fancier the apartment, the greater the likelihood that nobody’s home.

International moguls, heirs and magnates are buying up large, stately apartments in the city, just to keep them vacant for most of the year, according to the New York Daily News.

Buyers of these urban palaces are often not interested in collecting rent or flipping their properties — they just want to have a private place to stay when they’re in town, the Daily News reported. Often, these owners will own multiple apartments around the world, all with the same furniture, linens and finishes.

One example of the phenomenon is actor Bruce Willis’ apartment at the Eldorado, at 300 Central Park West on the Upper West Side. While Willis and his wife are rarely seen at the building, they’ve never listed the pad for rent.

Another high-profile example is footwear mogul Alex Birkenstock, who bought a $5.87 million apartment in the Financial District in 2007. After a $4 million renovation, Birkenstock has only stayed at the apartment once and has never rented it out. [NYDN] – Claire Moses

  • http://joliemuss.com/ Jolie Muss

    The celebrities do this because: a. It’s such a good investment b: They never know when they will have to be in Manhattan for long or short stays c: Their family friends and relatives often visit NYC d: possibly recommend by their tax advisors

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