I missed something? How much did the Sutton Place house sell for?
1 Sutton Place is a dream. Please don't rip out the woodwork or paint it white. Do the Parisian thing and modernize it with furniture choices.
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The reason they lost $14MM on the sale is not the falling NY real estate market, its the horrid renovations they paid $20MM for! Fashion design skills clearly don't translate well to interior decoration...
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@Esteban who says TV has fashion design skills ? Simply plastering your name all over a design that could be from GAP or Abercrombie means little more than clever marketing.
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I guess I never realized that Tommy Hilfiger was a real person. I just assumed it was a name that a company attached to overpriced clothing.
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So in 2008 they paid 25,5 million made a few improvements and now after commission got 30 million. In 2008 the stock market was crashing. So approximately 12 years later they made about 10% unless they made no renovations . If they had put 25.5 million into Apple or Google they would have approximately 200 million on a 25.5 million investment. Proving that flipping is burdensome. They also had to pay maintenances for 12 years and may have actually just broken even or lost money . Currently in NYC most luxury real estate is collapsing from The 2015 frenzy. It is all timing in NYC real estate. Currently huge oversupply. However with a high stock market very low rates , it is obvious that the mortgage deduction change by Trump has diminished the value of luxury real estate.
Buffet doesn’t waste money on luxury real estate . Just not necessary.
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@Ralph Petrillo "...the couple later invested another $20 million for renovations..." This is making "a few improvements"??!!
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@SML
So funny !
That’s why his stores all failed.
No strategy.
Imagine what the first person paid.
He probably thought he was getting a good price.
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@Ralph Petrillo
They didn't make any profit from the sale. They paid $25.5 million in 2008 then invested another $20 million for renovations. They have now sold it for $31.3 million which is at a loss of $14.2 million. Not that we should be feeling sorry for them - these people move their piles of cash around, paying inflated amount for real estate hoping to flip for more.
If they lose money on the transaction, there's always a tax write-off somewhere. Couldn't have happened to a better class of people.
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No doubt Thom Browne will turn that dowdy Sutton Place mansion into a showstopper. The yard alone!
A one-bedroom with 503 square feet for $1.8 million. And that is one the 18th floor? I might could understand on the 80th floor. At least on the 18th floor it won't take an hour to go down and get the newspaper...
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A one bedroom apartment for over 2 million?!
I sometimes wonder what room do rich people hang out in, like where do they “live”?
Whether in a NYC multi floor “apartment” or a scrolling mansion on a Lake Shore Drive, where do the rich settle in day after day, night after night? How do they pick a favorite, comfy, cozy spot? Where do they put “the” Christmas tree (if they have one) or read at night with their pj’s on? Where do the rituals take place?
I’ll never have to worry or even think about about that, and am just fine in my own little settle in area with my little furry Sophie...and she will never have a care about it either. She, too, couldn’t care less.
It’s interesting what just makes us content when it’s all said and done, isn’t it?
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@MIMA "I sometimes wonder what room do rich people hang out in, like where do they “live”? "
Sometimes they probably live a continent away, or on another continent altogether.
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Money, money, money, money makes the world go round. How else do we measure the success of our labor.
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@JN ... Ah, yes. The useless excesses that money can buy.
If it took 11 years to sell, then I don't think he was really that motivated to sell in the first place.
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Anyone else think the Hilfigers’ greed in flipping at the depths of the Recession make them seem foolish? Bizarro world.
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@Al
They probably think there are always more fools with money to part.
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There is obviously money to be made as a private car dealer which applies to various car dealers in upstate NY. When visiting and staying in a friend's condo, in Hutchinson Island, FL a few years ago, one car dealership owner owned a few condos in the complex. Interesting. So when purchasing a new vehicle one only has to know that yes there is definitely room for the dealer to lower their price. If someone leases a vehicle the profit margin is already calculated.
I will never be in the market for a luxury home in NYC but it would be nice for those individuals to purchase a place to renovate in a working class neighborhood and then sell it at an affordable listing price.
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@Diane E. ; Unfortunately for your friend Hutchinson Island ; once known as " The Sea Turtle Capitol of the world ; where I cut my teeth 30 years ago in the real estate business exclusively representing H.I. buyers ; is apparently about to become the first calamity of the soothsayer Donald Fagen's brilliant album "Sunken Condo's.... having lived there in the 70's - 2018 ; homes on the south end of the island are falling into the Atlantic ; condo's soon to follow; yet prices keep accellerating (auto-pun ) @ unheard of prices ; call the only exclusive buyer broker on the island next time your there for the real poop
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Can anyone explain to me the use of having a residence with 5 bedrooms but 6.5 baths? What is that for? If each bedroom already has its own bath, what's with the additional bathroom? I understand the usefulness of the half-bath, but what's with a completely extra bath? I just don't get it.
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@Mpp1 The 0.5 bathroom is likely for visitors and off the entrance.
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@Mpp1 - The 6th bathroom might be adjacent to a library or an exercise room.
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@Mpp1
It's called a power room. It's for guests only. It's always clean and doesn't have any personal items like medicines and toothbrushes.
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I guess all these purchasers have faith that the market will stabilize or go up. I have no such faith. But then, I have no millions to burn.
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@Patti Yep. And obviously that gamble didn’t work for Tommy Hilfiger.
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