The Game Don’t Stop

Judging from the responses to our most recent poll, many of you won’t like this bit of news: the game just got harder.

Brokers, admittedly self-served by this development, say that the newest Master of the Universe accoutrement is a penthouse apartment.

And yes, it’s Wall Streeters who are among “the first in line” to be crowned an MOU. Reports the NYTimes:

“Christine Harris, a 34-year-old director at UBS Global Asset Management in Manhattan, expects to experience that feeling when she and her boyfriend move into their $2.5 million 11th-floor penthouse on the northern edges of Chelsea when the apartment is completed next summer.”

Jelly yet? Well, it’s not that widespread of a phenomenon. Just 225 penthouses were sold in 2006, (average price $2.3MM); and 184 in 2005 (average price, $2MM).

The good news is that brokers, in an effort to meet the growing demand from the MOUs, have tweaked the definition of “penthouse.” Hell, you can even apply the penthouse term to the top floor of non-high rise buildings. And you have got to love Trump’s definition, which may include the top “top three, four or even five or six floors” of a building.

Broker Maureen Carroll captures it all with this quote: “The game doesn’t stop when you go home at night.

Uhn.

1 Comment(s)

  1. On Jan 19, 2007, RJ said:

    Working in an investment bank outside of IB and S&T, I have to be a little more creative to fund the purchase of MY dream penthouse apartment.

    Ask.com was bought by Barry Diller’s IAC for $2.3 Billion in 2005.
    The indian translation ‘Poocho.com’ is on Ebay for no reserve and a Buy It Now price of $1m. Barry Diller, Yahoo and Google have been invited to bid.

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