Brokers say 9 figure apartments are a dream...but are they?

There seems to be a rumor floating around this summer that the mega-condo complex at 15 Central Park West may just be sporting a condo with a One-hundred million dollar pricetag.

By Frank Lendo

With the housing market deflating, even in gilded Manhattan, isn't it possible that a 9-figure price tag is just a little too much to ask?

The paint isn't even dry on new condo walls before the initial buyers are seeking to flip them for an outrageous profit. One unit, owned by a venture-capitalist, was purchased just 4 months ago for 30 million dollars. In June, that unit has been confirmed as being “potentially-available” for an asking price of approximately 90 million dollars.

For those of you wondering when the joke will end, don't worry, it isn't. Other units in the complex are having a similar merry-go-round experience. A unit listed by prominent broker Richard Wallgren is on the market for 80 million dollars, up from the 22 million dollar purchase price in April. In a city where prices approaching 1,500 dollars a square foot are common, is it any wonder that some people believe that anything is possible? However, when you break down the price per-square-foot of these apartments at 15 Central Park West, you end up with numbers that are a little, well, out there. That venture capitalist with the 90 million dollar offering; the price per-square-foot is nearly 14,500 dollars. If you're wondering about the 80 million dollar offering is hoping to bring in over 15,000.