Thursday, November 8, 2007

Tough To Find A Real Home Bargain In NYC

The Empire State Building was erected (land included) at a cost of $24.718,000. 102 stories … monkey not included. Now, rumor has it that a real estate tycoon by the name of Leonard Blavatnik may buy a 3 story condo atop the Mark Hotel on East 77th Street for a record $150,000,000! Fortunately for him, he’s a billionaire. Things like that help when you’re shopping for new digs, I’m sure.

Now, I’m a sensible guy. Manhattan real estate has gone up a bit since the early '30s. I know too there’s about 75 year’s difference between these two purchases. I’m sure inflation took its toll in the huge price/floor disparity. But, for $150,000,000 for only 3 floors compared to roughly $25,000,000 for 102 floors … can the seller be nice enough to throw in a big gorilla too?