The feel-good real estate story of the week: a 4,700 square foot apartment at 50 Central Park South (above the Ritz) recently sold for $12 million, more than $3 million below the $15.2 million paid for the place back in late 2001. The company behind this clever move? Why, it's Tyco International!
Fear not. Reports the NYT, "Regarding the condo, [a Tyco spokesman] said, 'We did not lose money on that transaction.' Because of depreciation, he said, the sale was not recorded as a loss on the company's books." Please join Curbed as we tip our cap in respect.
· Apartment Prices May Be Up, But Tyco Sells at a Discount [NYTimes]