Manhattan Nouvel Castle Condo Sells for a Loss

The luxury real estate market in Manhattan is one that you either understand and gleefully play, or cannot fathom and curiously ogle. What you decide to do is completely up to you as we bring you the latest New York news from a condo at the beautiful new 40 Mercer Street building.

Designed by Pritzker Prize-winning architect, Jean Nouvel, the spectacular building features glass walls extending up its entire height that include sprinkles of reds and blues for aesthetics. Inside this building, a $4.5 million unit has just been sold just 6 months after being listed. What’s so news-worthy about a New York condo selling for $4.5 million, you may ask? Well, while still a fair amount of money, the unit was originally listed with an asking price of $7.25 million, a significant amount more than its recent selling price. It truly makes us wonder about the unpredictability of the New York luxury housing market, especially when we think back to Haute Living reporting not even two weeks ago of a Brooklyn penthouse being listed for an incredible (and record breaking) $25 million.

Back at the 40 Mercer Street condo, the buyer is reportedly a limited liability corporation and a Mr. Kenneth Landfield, executive of Tamares Real Estate, which is known for being a big Las Vegas gaming landlord, is listed in the deeds.

What is becoming perhaps too common now-a-days is the news that homes are selling with a significant loss to the owner. While increasing home prices has been happening a little bit more in the past months, they are still very few and far between. Real estate moguls everywhere are hoping for a quick change of pace and the possibility to return to a profitable market where news such as a penthouse for $25 million is more reoccurring.

Via: The New York Observer