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Time to cast aside more rumors about Yankees slugger Alex Rodriguez: It turns out that his Park Avenue condo is not as ugly as it is on the listing website. The Post's Braden Keil finds the four-bedroom, 4,600-square foot apartment "surprisingly elegant" and "more like the home of a buttoned-down business executive than an athlete." There are signs of A-Rod: "a Lucite-encased home plate from Yankee Stadium that was presented to Rodriguez after hitting his 500th home run in 2007, and an artfully designed "13" in the hallway." No mention of whether there was any Kabbalah water around. The apartment is priced at $12 million; A-Rod bought it for around $7 million. [Via Curbed]
The House That A-Rod is Selling
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not exactly NY news, but it's one more reason to hate hamas terrorists and the fascists in their mid
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What a joke. This is what's wrong with real estate in this city. People buy the overpriced condo for 7 mln then automatically assume they should be able to get double whatever they paid for it just because. Big whoop Arod lived there. Unless he comes with the apartment its just rooms with walls, ceiliings, and floors. Any bank who would lend this much money for such outright inflated prices, or any appraiser who would appraise it for that much appreciation in such a short time should go to jail. Its crap like this that got us into this mess to begin with. Assuming 7 mil was a good price (which Im sure was vastly overpriced when he bought it) then in the 150+ years of real estate history in this entire country and holds true even here in the city, 2-5% per year is your normal appreciation rate. So this apt should be worth slightly over 7 mil, no more. All this doubling down crap is why we are having to fork over 700 BILLION to failing banks.
Here, here!
4600 sq. ft. translates to around $9 million in NYC money. And no one pays extra for the Madonna stains.