May 31, 2017-BPTV has been the only news outlet to stand up to the real estate industry and call a spade a spade. Those hideous pencil towers popping up like dandelions, hoping to sell apartments for millions of dollars, aren’t flying. The Fed raising interest rates isn’t helping either.
The Post reports, “Billionaire’s Row is headed for its first foreclosure.
The dubious distinction is going to a stunning apartment on the 56th floor of 157 W. 57th Street — the city’s first “billionaire’s building,” which is home to the Big Apple’s only $100 million condo.
“This is the first high-end condo to go into foreclosure,” said Kashy Eyn, of Platinum Properties, who is listing the property with Cash Bernard.
A mystery buyer who shielded his identity behind an LLC, Central Park Immobilier, bought the unit for $21.4 million in 2015. It is now on the market for $22.5 million — where it has agonizingly lingered for the past 547 days, according to Streeteasy.com.
There is now a lien on the property for $20.9 million “plus interest and costs,” and a foreclosure auction is slated for June 14, according to Property Shark.”