This seems crazy to me. A apartment is being listed at the repositioned Woolworth Building in NYC for over $100 million. That is sooooo much money! I can’t imagine someone coming to the conclusion that spending $100 mil on an apartment is a good allocation of resources. Not only is there no income generated from this capital, but there are surely lot’s of expenses associated with maintaining the real estate. In addition, this is not a piece of real estate where the owner has exclusive rights, the apartment is part of a condo corp, and the condo corp also sits atop an office/retail complex. Granted, the Woolworth Building is beautiful and historically important, but $100 mil doesn’t seem like good value to me.
