Life sure seems easy when you're wealthy, what with no worries about things like landlord harassment and generally being free from material want. But, pour one out for the unlucky person, or more accurate in this case "shadowy possible collective of people hiding behind a shell company," who's the laughingstock of the world of wealth because their apartment at One57 has become the most expensive foreclosed upon residential property in New York City history.
Apartment 79, a 6,240 square-foot full floor penthouse in the One57 building, has undergone a mortgage default and is scheduled for a foreclosure action next month according to Bloomberg. The penthouse apartment, which was bought for $50.9 million in December 2014, was purchased with the aid of a $35.3 mortgage from Banque Havilland SA. And to think, you can't even get credit at your favorite bar.
Since the $35 million loan wasn't paid back within a year, Havilland is suing the shell company for all of the money, plus interest according to Bloomberg. "It’s probably the most-expensive foreclosure we’ve ever seen in luxury development," one high-end real estate developer told the website.
The expensive foreclosure comes just under a year after real estate brokers said that we were witnessing the "death knell" of extraordinarily high prices for ultra-luxury condos that will turn Central Park into a land of shadows. And while it wasn't a foreclosure, this story also pairs well with the LLC that bought a One57 condo in 2014 and then had to take a $7 million haircut when they tried to flip it. You've gotta take the good news where you can find it these days, folks.