Oh, how the mighty have fallen. The Downtown Athletic Club used to be where they handed out the Heisman Trophy every year. Now, a condo in the converted Financial District building is for sale on eBay. But hold on to those grim headlines for the moment, because there's more to this story than just the obvious "Manhattan fire sale!" angle. The studio apartment in the Moinian Group's Downtown Club at 20 West Street is listed on the auction site with a starting price of $529,000. Follow the trail and you'll come to the apartment's real listing, which is?not surprisingly?$529,000. There's a tenant in place (paying $2,480 per month) until at least July, so if two "investors" somewhere out there bid on the place, thinking this whole New-York-City-is-doomed theory is legit and this is a canned Wall Street employee desperate for cash, then hey, the apartment has suddenly sold above asking! The 417sqft studio went for $425,000 in 2006.
· Condo Apartment in Manhattan- New York City - Hot Area! [eBay via EV Grieve]
· Listing: 20 West Street [New York Residence]