Chinese billionaire buys One57 pad at big discount

Unit traded for 25% less than its 2014 sales price

TRD New York /
Oct.October 25, 2016 09:02 AM

“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.

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


Related Articles

arrow_forward_ios
A sponsor unit at One57 lists for $58.5M

A sponsor unit at One57 lists for $58.5M

A sponsor unit at One57 lists for $58.5M
A sponsor unit at Extell’s One57 just sold at a 24% discount

A sponsor unit at Extell’s One57 just sold at a 24% discount

A sponsor unit at Extell’s One57 just sold at a 24% discount
New York’s most expensive* rental is a One57 unit asking $125K per month

New York’s most expensive* rental is a One57 unit asking $125K per month

New York’s most expensive* rental is a One57 unit asking $125K per month
Yet another One57 seller takes a loss

Yet another One57 seller takes a loss

Yet another One57 seller takes a loss
To sell a One57 sponsor unit, Extell offers custom designs and a healthy discount

To sell a One57 sponsor unit, Extell offers custom designs and a healthy discount

To sell a One57 sponsor unit, Extell offers custom designs and a healthy discount
Another One57 seller just took a loss

Another One57 seller just took a loss

Another One57 seller just took a loss
Getting by with a little help from discounts: One57 sees best quarter since end of 2016

Getting by with a little help from discounts: One57 sees best quarter since end of 2016

Getting by with a little help from discounts: One57 sees best quarter since end of 2016
Manhattan’s luxury market saw 25 contracts last week at $4M and up: Olshan

Manhattan’s luxury market saw 25 contracts last week at $4M and up: Olshan

Manhattan’s luxury market saw 25 contracts last week at $4M and up: Olshan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...