by JL Yastine
The Sovereign Investor
You know things are starting to get dicey out there when even a multimillion-dollar penthouse in Manhattan can’t sell.
It seems a developer in SoHo, having just recently finished primary construction for his high-rise condo tower, realized the project’s focal point — a $45 million, 8,400-square-foot penthouse — was just a bit too much.
“The air is very thin up there in that buyer pool,” was the way the builder, Kevin Maloney, put it to Bloomberg.
You’ll love the Solomon-esque solution Maloney came up with.
The penthouse has a wonderfully grandiose name: the Summit of SoHo.