Real Estate News

NYC Man sells $102,000 Apt for $52 Million

A man in NYC sees a spectacular return on investment by selling his apartment for $52 million.

new york real estate

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.

new york real estate

190 Bowery from Digital Destinations on Vimeo.

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About the author

Gary Adrian Randall