Co-op apartments in a luxury doorman building on Billionaires’ Row are selling for as low as $100,000 for a studio and $659,000 for a three-bedroom penthouse with a terrace.
But the glitch in the only-in-New York scenario is that owners in the 324-unit building must pay a combined $280 million to buy the land under the structure, or face an additional $26 million a year in ground rent on top of the current $4.4 million a year. If they don’t cough up, they face losing their homes.
Carnegie House at 100 W. 57th St., at the corner of Sixth Avenue, is a 21-story, gray brick structure that resembles many other early 1960s, middle-class Manhattan apartment buildings. Its “luxury” status seems modest compared with neighboring giants, such as the 1,550-foot-tall Central Park Tower to the west and 111 W. 57th St. to the east; units in both new projects cost up to $30 million.
Something wrong with this post? Let us know!
Shop Related Products…
As an Amazon Associate I earn from qualifying purchases.