The First Luxury Condo Foreclosure On Billionaire's Row Is At One57
The bad news keeps coming for the highest end of New York's multifamily market with a high-profile foreclosure.
An apartment on the 56th floor of One57 at 157 West 57th St. has been put up for a foreclosure auction scheduled for June 14. The condo was bought by an anonymous buyer through an LLC for $21.4M in 2015, and has been listed at $22.5M for 547 days, the New York Post reports.
One57 is home to the most expensive condo in the city, the only one to be sold for over $100M, but demand at the very top of New York's residential market has slowed considerably in the past year. Now, the 3,466 SF apartment with four bedrooms and four and a half baths is one of 30 residences in the city to be foreclosed upon for the first time in 2017, though the others come nowhere close in terms of price.
The Post reports that the condo had multiple offers, but all were turned down for being too low. Platinum Properties is listing the condo.