The market for literally palatial office space does not appear to have recovered.

Take poor Zimmer Lucas Capital, a New York hedge fund that bought itself a five-story West 54th Street townhouse—formerly owned by a Lehman brother—in 2005. In May, ZLC listed the place for $65 million, or almost $4,000 per square foot. But with no takers seven months later, it’s looking for bargain hunters.

First listed for $65 million in May, the price on the five-story townhouse just dropped by $15 million, Curbed reports. But at just over $3,000 per square foot, it would still blow away the current Manhattan record for office space, which is $1,600 per square foot.

On the other hand, it certainly is something to look at.

A Hedge Fund Is Selling The World’s Most Expensive Office Space For $49.9 Million [BI]
World’s Most Expensive Office Chops Price by $15 Million [Curbed]
World’s Most Expensive Home Office Available for $65M [Curbed]

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Comments (7)

  1. Posted by that guy | December 17, 2012 at 5:00 PM

    FIGURATIVELY palatial.

  2. Posted by Guest | December 17, 2012 at 5:29 PM

    No, no, no! I said I was gonna make Jon Corzine look like a littoral midget… nothin' figurative about it.

    – David Tepper

  3. Posted by POS quant | December 18, 2012 at 12:01 AM

    No, palatial is an adjective.

  4. Posted by J. Epstein | December 18, 2012 at 7:12 AM

    $1 Bob

  5. Posted by michaelknight | December 18, 2012 at 7:51 AM

    was wondering when DB would pick up on the ZLC story…soooooo much more to tell in this epic of assclownery. they just sent out a letter to investors informing they are breaking up the fund due to the fact that the principals can't stand each other..these guys are a veritable treasure trove of snark. step it up Bess.

  6. Posted by Interest party | December 18, 2012 at 10:10 PM
  7. Posted by officespaceheaven | August 11, 2013 at 6:03 PM

    $4000 per sqft? Is that building made of bricks or GOLD?