The Chill in US Real Estate
The Chill in US Real Estate
You know things are starting to get dicey out there when even a multimillion-dollar
penthouse in Manhattan can't sell.
It seems a developer in SoHo, having just recently finished primary construction for his
high-rise condo tower, realized the project's focal point - a $45 million, 8,400-square-
foot penthouse - was just a bit too much.
"The air is very thin up there in that buyer pool," was the way the builder, Kevin Maloney,
put it to Bloomberg.
You'll love the Solomon-esque solution Maloney came up with.
The penthouse has a wonderfully grandiose name: the Summit of SoHo.
Sure, it has its own indoor pool. And yes, it has 23-foot living room ceilings. Plus, it
has not one but two private elevators. One goes to the lobby; the other is so you don't
have to take the stairs to the penthouse's upper levels (for entertaining, a spa and a
rooftop kitchen and grill).
But the stock market cracked hard at the start of the year, with the S&P 500 down 11% at
its lowest point in 2016, while Hong Kong's Hang Seng dropped roughly 17%. In recent
months, Chinese real estate buyers pulled a disappearing act from realtor offices all
around the U.S. And after years of ultra low interest rates and easy lending policies,
there's now an excess of iconic luxury living quarters on the island of Manhattan.
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