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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]