Tuesday, December 15, 2015

Inside Tommy Hilfiger's Home In New York

Content submitted by: Barbara Weiner

What do you think of this apartment?  According to the New York Daily News, Tommy Hilfiger has been trying to sell this apartment since 2008, asking for about $75 million but the designer hasn't had any luck in finding a buyer.  The news article also says that apartment owners at the Plaza generally haven't experienced much appreciation in value for the investments there.  For example, the news article points out that in October 2015, Sony Music Entertainment Doug Morris sold his 2-bedroom apartment at the Plaza that he bought in 2007 for only $2,832 more than the $9.9 million purchase price he paid for in 2007.  In my opinion, there can be a sizable loss if  property taxes and maintenance fees are added up for all these years.

This just to show that, real estate in America, even in prime location like the Plaza in NYC, isn't a guaranteed profitable investment like many Americans, particularly foreign buyers think. I'm sure Tommy Hilfiger's apartment will eventually find a buyer when the designer is willing to lower the asking price. His apartment is after all pretty posh.   I would buy it if only I were a billionaire.

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