The Wall Street Journal reported today that the price of a Manhattan townhouse was marked down 25%, and that the discount may reverberate through the neighborhood:
Brokers were in disbelief when Shelley and Donald Rubin, founder of a giant health-care network and a Himalayan art museum in Chelsea, slashed the asking price of their East 70th Street townhouse by 25% to $14.9 million in May after it had sat on the market for about a year...
That was one of the steepest one-time markdowns for a high-end residential property in recent memory... Some say this deal, in effect, re-prices the market for East Side townhouses because buyers and brokers will now use the Rubins' pricing as a benchmark for similar properties.
How much are they suffering? Well...
The Rubins purchased their townhouse in 1995 for $5.05 million, according to Streeteasy...
They were only able to triple their money in 15 years. So very sad. Excuse me - I have to stop blogging for a few minutes to regain my composure.
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