The bargain purchase is symptomatic of the malaise that gripped downtown cores across the planet as the pandemic spread, workers stayed home and condo prices plummeted. Employees crammed into tight apartments took the opportunity to buy homes in the suburbs. Cores emptied.
“While I accept that COVID has created a nomadic, remote workforce, I also believe the energy of cities will bring people back,” Herjevac told the Journal in an email. “I look out those windows and I see possibility and opportunity.”Article content The 6,200-square-foot four-bedroom apartment stretches across an entire floor of the 75-storey building on West 57th Street, with a grand salon that overlooks Central Park.“The seller wanted out,” Jorge Lopez of Compass, Herjavec’s real-estate agent, told the Journal. The price doesn’t reflect the market, Lopez said.
But maybe it reflects the stock market. The owners could be tied to the victims of recent Chinese government crackdowns on tech and property companies and may have seen their fortunes shifted. The owners were linked to conglomerate HNA Group, which has fingers in many pies, from aviation, real estate and financial services to a quarter of Hilton hotels.
It isn’t their first big loss in the same building. Another company with the same Chinese ties sold a unit last year for US$17.2 million after paying US$29.5 million for it in 2014.Article content
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