What does a billionaire do when they need a place to crash in New York City? If you’re Chinese billionaire Liu Yiqian, you drop $23.5 million on a three-bedroom pad at One57 as your pied-à-terre. According to the Wall Street Journal, Yiqian recently acquired the 4,500-square-foot, 62nd-floor unit for what he called "a good price."
The unit was originally asking $41 million in 2014 before receiving several price drops to its most recent asking price of $25 million. The apartment was previously owned by Escape From New York LLC though they never moved in, opting to immediately list the unit instead (according to WSJ, they decided the space was too small). The owners hoped to flip it but ended up letting it go for 25 percent below its ask.
Facing a decline in luxury home sales, Extell was forced to lower its projected sellout in March from $2.72 billion to $2.56 billion. In August, another three-bedroom sold for $21.5 million, a 23.5 percent discount.
- Chinese Billionaire Nabs One57 Condo For a Mere $23.5 Million [Wall Street Journal]