Talk about supply side economics! Wilbur Ross, the newly-minted U.S. Secretary of Commerce who made his fortune investing in distressed assets, looks to be selling his luxury apartment at a loss.
The billionaire investor is asking $16.5 million for his Midtown penthouse — less than the $18 million he paid for the luxurious duplex in 2007, and several million dollars below the $21 million he sought when he tried to sell the apartment back in 2015.
Spanning 5,573 square feet, the condo at 171 West 57th Street has 1,847 square feet of terrace space and soaring ceilings — including a barrel-vaulted, 19-foot ceiling in the living room. Outfitted with lacquer and silk wall treatments, the European-style residence has four bedrooms and 5.5 baths. But it’s clearly primed for entertaining, with a dining room that can seat 30, plus a catering kitchen, five wood-burning fireplaces and smart home technology.
The current asking price works out to $2,960 per square foot — a relative bargain on Billionaires’ Row, where condos at One57 fetched an average of $6,060 per square foot, according to StreetEasy.
Ross listed the apartment for $21 million in 2015 with Sotheby’s International Realty, but cut the price to $18.5 million this year — perhaps in anticipation of a move to Washington, D.C. It was most recently listed with Carrie Chiang of the Corcoran Group, who didn’t immediately return a call seeking comment.
Ross, 79, sold his investment firm WL Ross & Co. to Invesco for about $375 million in 2006. He is worth an estimated $2.5 billion, according to Forbes, and also has a home in Palm Beach, Florida.