A man in NYC sees a spectacular return on investment by selling his apartment for $52 million.
In what is probably one of the greatest real estate investment returns ever, a New York photographer named Jay Maisel sold his residence at 190 Bowery to a developer named Aby Rosen.
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Maisel bought the six-story historic Germania Bank building 42 years ago for $102,000 and converted it to a home for his family. The building has 6,260 square feet per floor, including a basement and a roof terrace. The first two floors feature 18 foot ceilings, and every other floor stands at 11 feet. For full info about the building, take a look at the video below. Just know that the moral of the story is that he bought the building for $102,000, and sold it for $52 Million.
It’s also just SO much better than all those stories of people living in tiny, cramped studios for decades before getting bought out by developers for a few measly million– we are talking about a guy who had an enormous home in Manhattan that was big enough to raise a family (and then some), and still ended up filthy stinkin’ rich. Well played, genius guy from the Lower East Side. Well played.via ]