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New York real estate transactions costly on Billionaire's Row

Michael Dell, a technology billionaire, purchased the costliest house ever sold in New York City. It was recently reported that he purchased a condo valued at $100 million. The purchase is one of the most noteworthy residential real estate transactions to have taken place on what is called Billionaire's Row.

Dell, who is the CEO and founder of Dell, bought the duplex penthouse for a total of $100.45 million. The penthouse apparently spans 11,000 square feet. It is located within a glass tower called One57, which stands more than 1,000 feet tall.

One57 was the first extremely tall building to be erected on Billionaire's Row. It is not completely sold out yet. However, a minimum of 73 units of the building's 130 units have sold. The building was built during the Great Recession of 2008, at a time when financing in the United States was scarce. The individual who launched the building of the tower owns only a small portion of it, with a couple of investors mainly funding it.

Going through residential real estate transactions can certainly be exciting for buyers, whether a purchase is a buyer's first or fifth one in the Big Apple. However, the challenge is that every real estate deal is different, as the homes themselves and the sellers of those homes vary from one situation to the next. A qualified attorney in New York can provide the guidance needed to navigate even the trickiest of real estate transactions so that the buyer's interests are protected on day 1 up to closing day.

Source: nypost.com, "Dell founder buys most expensive home ever sold in NYC", Jennifer Gould Keil, Feb. 22, 2018

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