Nobody Wants to Pay for Bernie Madoff’s Penthouse – Is the Price Too High?
The penthouse apartment of Bernie Madoff, the disgraced former financier who was convicted of running a multi-billion dollar Ponzi scheme, is up for sale. The asking price is $8.5 million, but it has yet to attract any buyers. The question is: Is the price too high?
The Price Tag
The Manhattan penthouse was seized by the U.S. government in 2009, after Madoff was arrested and charged with fraud. The two-bedroom apartment, located at 133 E. 64th Street, has been on the market since 2013. The asking price was initially $14 million, but it was reduced to $8.5 million.
The penthouse is a luxurious 3,000-square-foot unit with views of Central Park and the East River. It has two bedrooms, two bathrooms, a grand living room, and a formal dining room with a fireplace. It also has a wine cellar and a library.
The Penthouse’s Unsavory History
The $8.5 million price tag may have something to do with the penthouse’s history. Bernie Madoff, the former chairman of NASDAQ, was arrested in 2008 for running a Ponzi scheme that defrauded thousands of investors out of billions of dollars. He was sentenced to 150 years in prison.
The U.S. government seized the penthouse and several other properties in 2009. The penthouse was put on the market with the hope of recouping some of the money lost by Madoff’s victims.
The Oversupply of Luxury Real Estate
The problem with the penthouse is that it’s overpriced. The property is located in one of the most sought-after areas of Manhattan, but the asking price is too high for most buyers.
The penthouse is also facing competition from other properties in the area. Manhattan’s luxury real estate market is now oversupplied, with many new developments and high-end condos flooding the market. This means buyers have more options, and don’t have to pay a premium for the penthouse.
The Unfortunate Timing
The other problem is the timing of the sale. The penthouse was put on the market in 2013, when the real estate market was still recovering from the 2008 financial crisis. Prices were still relatively low, and buyers had a lot of bargaining power.
The market has since recovered, but prices are still lower than they were before the crisis. This means buyers can get more for their money elsewhere.
The Unattractive Location
Location is also an issue. The penthouse is located on the Upper East Side, an area known for its exclusivity and high prices. While this may be an attractive feature for some buyers, it’s also a turn-off for others.
The Upper East Side is a quiet, residential area, and it can be difficult to find restaurants, bars, and other amenities in the area. This can make it a less attractive option for buyers who are looking for a more vibrant area.
The penthouse of Bernie Madoff is on the market, but it has yet to attract any buyers. The asking price of $8.5 million may be too high for most buyers, and the location may be a turn-off for some. The penthouse is also facing competition from other properties in the area that are more affordable.
For now, it looks like nobody wants to pay for Bernie Madoff’s penthouse. But with the right buyer, the penthouse could still be sold.