There's a lot of really amazing buildings in NYC, but let me tell you about my favorite — 432 Park.
It's one of the "billionaire row" buildings, but if you know me — luxury isn't my thing.
I love it because it's the tallest F*CK YOU the world will ever see.
<thread>🧵👇
It's one of the "billionaire row" buildings, but if you know me — luxury isn't my thing.
I love it because it's the tallest F*CK YOU the world will ever see.
<thread>🧵👇
2/ This is the view from apartment 72A. Nice, eh?
I'm not sure if it was empty when its owner abandoned it. It's since been seized by a lender.
Technically an anonymous shell company owned it. They *think* the guarantor of the mortgage might have been the true owner...
I'm not sure if it was empty when its owner abandoned it. It's since been seized by a lender.
Technically an anonymous shell company owned it. They *think* the guarantor of the mortgage might have been the true owner...
3/ That was Whitney Duan, aka Duan Weihong. She's a Chinese billionaire that went missing in 2017.
Her abandoned art collection is also popping up for sale.
No one knows where she is, but she was likely detained by Beijing for corruption and money laundering.
Her abandoned art collection is also popping up for sale.
No one knows where she is, but she was likely detained by Beijing for corruption and money laundering.
4/ The penthouse, a.k.a. the 96th floor is the real masterpiece. It's owned by Saudi billionaire Fawaz Alhokair, and listed for sale at US$169M.
The owner must love this view. What's that? The listing agent (super broker Ryan Serhant) said the owner has never been in it? Wild.
The owner must love this view. What's that? The listing agent (super broker Ryan Serhant) said the owner has never been in it? Wild.
5/ Actually, not a lot of people live there. Tall buildings are hard to deal with.
One "anonymous buyer" said it flooded. It caused $500k in damage to one unit.
Silly NYC. Vancouver buildings turn on the taps, flush toilets, and check your vacant unit.
nytimes.com/2021/02/03/rea…
One "anonymous buyer" said it flooded. It caused $500k in damage to one unit.
Silly NYC. Vancouver buildings turn on the taps, flush toilets, and check your vacant unit.
nytimes.com/2021/02/03/rea…
6/ Even with its problems, people LOVE this building.
In fact, one anonymous shell company called "432 Park Joy LLC," run by an "anonymous Chinese buyer" loved it so much, they bought 3 units for a combined $91.1 million.
Don't you hate when you impulse buy 3 homes?
In fact, one anonymous shell company called "432 Park Joy LLC," run by an "anonymous Chinese buyer" loved it so much, they bought 3 units for a combined $91.1 million.
Don't you hate when you impulse buy 3 homes?
7/ Serhart, who you might know from Million Dollar Listing, did an analysis of the seven buildings collectively nicknamed "billionaire's row" when he first listed the penthouse last summer.
He found 341 of the units (44%) were vacant, representing ~$7 billion in property.
He found 341 of the units (44%) were vacant, representing ~$7 billion in property.
8/ Part of the reason why: taxes are SO low. Probably a lower rate than your home.
In NYC, they tried to lower property taxes for "affordability." Regular people didn't realize how hard this would be gamed.
That $169M penthouse? estimated tax rate of 0.105%.
In NYC, they tried to lower property taxes for "affordability." Regular people didn't realize how hard this would be gamed.
That $169M penthouse? estimated tax rate of 0.105%.
9/ That brings us to the reason this building is awesome.
Low property taxes, building subsidies, anonymous ownership, etc..
They didn't argue that you were misinformed and voted for dumb policies. They literally took every policy failure and exploited the fuck out of them.
Low property taxes, building subsidies, anonymous ownership, etc..
They didn't argue that you were misinformed and voted for dumb policies. They literally took every policy failure and exploited the fuck out of them.
10/ One of the largest towers in the middle of the world's most powerful city is literally just vacant housing used as a vault.
It's a monument to how the middle and working classes have been misinformed about housing policy.
Right in the open. And no one has a fucking clue.
It's a monument to how the middle and working classes have been misinformed about housing policy.
Right in the open. And no one has a fucking clue.
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