Billionaires Burdened By Multi-millionaires
“I don’t think that today’s $45 million buyer necessarily wants to live in a building where every other apartment sold for 25 percent of that price.
“You don’t want to be that guy that paid $45 million and everyone else paid 10. It’s a cultural thing.” (Bloomberg)
New York luxury condo developer Kevin Maloney explains he’s decided to chop the $45 million penthouse of his new development at 10 Sullivan St. into two relatively cheap (US$11 million and $29.5 million) after failing to find a buyer for the original triplex.