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1w ago Hedge Fund dealbreaker Views: 65

And anonymity is no longer an option. This story is brought to you by The Daily Upside. For more crisp and insightful content, you can sign up for the free Daily Upside newsletter here.Buoyed by record-low interest rates, demand for larger homes and general exuberance - home prices are soaring across much of the country. But much to the chagrin of secretive billionaires, the ultra-luxury real estate market in Manhattan has (with some exceptions) not participated in the boom. According to Bloomberg, the 58th-floor condo of a prominent luxury tower recently sold for $16.8 million, a 51% markdown from its purchase price in 2014. It’s the largest loss for any condo at One57, the building that set off New York’s high-end construction boom in a neighborhood known as Billionaires’ Row.Empty InvestmentsFollowing the 2008 real estate crash, deep-pocketed foreign investors rushed to buy newly-constructed condos atop Manhattan’s skyline - often as a way to shelter money. The New York Times found in 2015 that $8 billion was spent annually on NYC properties costing at least $5 million.Interestingly, more than half of those purchases were made via shell companies by owners that rarely set foot in the residences. Many buyers had very little practical use for the properties - viewing them more as a store of value. Lately, that hasn’t been working out - at One57 four other condos sold at a 40% loss last year. Double The Pain: Meanwhile, on Jan. 1, Congress passed a bill that will prevent buyers from shielding their identity behind LLCs. Why It Matters: Unless you are a Saudi sheikh, it probably doesn’t. -

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