How to Sell a $60 Million Penthouse: Don’t Try
Bloomberg, Mar. 31, 2016–Carmiel, Oshrat
There’s nothing to stop developer Kevin Maloney from starting sales at 111 W. 57th St., the latest sky-high condo tower rising on midtown Manhattan’s Billionaires’ Row. He has the necessary legal approvals, and an office ready to welcome would-be buyers. But with luxury-home demand slowing and new condos piling up on the market, he’s waiting about a year before trying to sell units at the project, where the price for a penthouse will approach $60 million.
