$44 million....but its still an apartment!

[fryguy]

http://money.cnn.com/2004/12/17/news/newsmakers/murdoch/index.htm?cnn=yes

Rupert Murdoch, chairman and CEO of media giant News Corp., has agreed to buy the late Laurance Rockefeller's Fifth Avenue penthouse apartment for $44 million, according to a report published Friday.

<snip>

It has 8,000 square feet of floor space and spacious terraces on each floor. The monthly maintenance fee is $21,469.07.

<more>

I think real estate in NY has gone to a whole new level now....

[DireStrike]

1. Monthly maintenance $21,469.07?!

What the F*CK?

What do they do in there, nuke testing?

[jmowreader]

26. What's the seven cents for?

[htuttle]

2. If you buy it, isn't it called a 'condo' instead of an apartment?

Or does New York city talk about real estate differently?

[fryguy]

5. its a co-op

not a condo

[htuttle]

9. Ah. We have housing coops in Madison, but I think they work differently

You don't buy your way into a coop here. You are voted in and pay rent and bills (and chores), but the coop as a whole retains ownership of the entire building. Nobody owns any particular part.

[fryguy]

12. its similar but different

in NY you don't actually "buy" your apartment, but rather you buy shares in the corporation that is the building and those shares corospond to the apartment space. before buying, however, the co-op board does have to approve you (which has led to some very famous incidents of people being rejected for all manner of reasons). as they teach in law school - the differnce between a condo and a co-op is that a condo you own the walls, in a co-op you do not.

as for bills, you are responsible your apartment's bills, but as a share holder you are in part responsible for the underlying debt of the building and its management, hence the maintenance payments.

unlike what you described, a NY co-op is not cooperative in the same way....

[htuttle]

13. Thanks for the explanation

It shed a lot of light on how that works in NYC. Never quite understood the differences before.

[BlueEyedSon]

6. Yeah, its a condo or a co-op.

In NYC, calling it an apt is pretty common... as in "buy an apartment".

[ShaneGR]

3. 8000 SF is enormous....

Massive is a better word.

[fryguy]

10. agreed

but its still about $5500 per square foot, and he will still be paying $257,628.84 a year in maintenance.....

[Kingshakabobo]

20. A mere pittance. n/t

[Sannum]

4. Geesh...

I want an apartment at the Carlyle, but those are only about 3 million...and it still has hotel services like maid service, concierge and room service. 44 million and 8,000 is too much!

I need a wealthy sugardaddy:cry:

[whistle]

7. Is this place rent controlled?

[fryguy]

24. yes

if by "controlled" you mean keeping out everyone who is not a multi-millionaire windbag

[auntAgonist]

8. That's just obscene.

But then so is he.

[SammyWinstonJack]

11. Yeah that a$$hole really needs a tax cut!

:argh: :mad:

[Wickerman]

14. Damn, and Gibson got flack for buying an ISLAND for 9 mil

of course, that was Gibson and he deserves it. :)

Hopefully Murdoch will get lost in that 8k space and never find his way out.

[MidwestTransplant]

16. I bet we could raise 9MM to buy Murdoch on an Island

if he promised never to leave it.

[htuttle]

18. I'm thinking, "Elba"

Nice and isolated.

[BurgherHoldtheLies]

15. Rockefeller must be turning over in his grave. n/t

[President Jesus]

17. not really. Laurence Rockefeller was a Republican. His brother Nelson...

...was Ford's VP for two years for chrissakes.

[BurgherHoldtheLies]

19. Ya, but he was the old fiscal kind not the mean, zealot kind. n/t

[Cleita]

21. So all those tax-cuts are trickling down and

creating jobs.....as maids and butlers??? This no doubt is a carefully calculated investment on the part of Murdoch. This is what the rich do with their ill-gotten gains, reinvest it for even more moola. Very little trickles down.

[BurgherHoldtheLies]

22. Why doesn't he move to a 'family values red state?' n/t

[fryguy]

23. one could only hope that such a wish could come true

[lonestarnot]

25. Think it is an apt. to poop on!

[sleepyhead]

27. Not only that

But this particular co-op requires that you pay the entire purchase price in CASH up front. Imagine being able to pull out a checkbook and write a check for $44 million.