Sun Microsystems co-founder Bill Joy, is selling the massive Manhattan apartment that he bought five years ago - but never moved into. The price? - $40 million.
The apartment, designed by Richard Meier overlooks the Hudson River. The asking price is likely the highest ever for a downtown Manhattan residence, once again proving that whatever happens on the ground floor of US real estate, rarely affects property further up the food chain. Should the Condo sell at this price, Mr. Joy will have more than doubled his investment.
Downtown Manhattan seems to be catching up with uptown levels, although the record is still held by the Time Warner Building, selling a single condominium for $45 million – unfinished in 2003. TWC is one of the largest, most expensive multi-use developments constructed in New York City. This building houses the world headquarters of a major corporation; 211,00 square feet of additional office space; three jazz performance halls; almost 200 luxury condominiums; a high-end retail mall “The Palladium”; and a 251-room, five star Mandarin Oriental Hotel.
The rumored sale of the Pierre Penthouse for somewhere between $50 and $70 million may put things back in perspective.
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