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]