One57 foreclosure shatters price dreams at billionaires’ tower

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The First Luxury Condo Foreclosure On Billionaire’s Row Is At One57. One57 is home to the most expensive condo in the city, the only one to be sold for over $100M, but demand at the very top of.

When a full-floor penthouse at Manhattan’s One57 sold at a foreclosure auction, it didn’t just settle an international mortgage gone bad. The deal also set a new price standard for the Billionaires’.

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One57 Foreclosure Shatters Price Dreams at Billionaires’ Tower. The price was 29 percent less than the $50.9 million that Nigerian businessman Kolawole Akanni Aluko paid for the apartment when he bought it new in 2014. The transaction marked the fourth time since 2015 that a resale condo at One57 traded at a loss from what the previous owner paid,

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Even billionaires are not immune to foreclosures as witnessed by a luxury condo at Manhattan’s One57 that is slated for the foreclosure block. According to a report by Bloomberg, this is the second time in a month that foreclosure has raised its head at the Billionaires’ Row tower following a mortgage default.

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What do people think will be the price decline in top 5-10 most expensive developments (mostly $4-5k per sq ft plus price) from the last trade price, if available, or ask prices if no sales yet? 157 west 57th down 15-20 percent already from the original recorded sale price in 2014/15.