The director of all-time gangster movie classic Scarface, Brian De Palma, recently purchased an additional unit at One Fifth Avenue in Greenwich Village. De Palma already has one unit at One Fifth Avenue that he purchased back in 1989 and still resides there today.
It’s highly unusual for homeowners to stay in one place for so many years especially for celebrities. The latest addition to De Palma’s real estate portfolio is a two bedroom unit he picked up for 1.8 million. Which may have been a really good deal. According to cityrealty.com, the unit was first listed for sale in July 2015 for 2.2 million when it first hit the market. The unit didn’t sell right away so the sellers reduced the price to an even 2 million back in October 2015. Six months later the unit finally sold but for a quarter under the listing price, that’s a $435,000 reduction in sales price.
However, did De Palma really save $435,000 or was the unit overpriced from the beginning? If the apartment didn’t sell at the 2.2 million, then it stands to reason that the apartment wasn’t worth that price point, or at least the market wouldn’t support that price point at that given time. It took 8 months to sell, and the seller took a pretty large price cut in order to sell the property, close to 20% percent. In fact, De Palma purchased the unit for apparently the same price when the unit last sold in 2010. Good deal or not, you have to be a little curious as to why that unit just recently sold at its 2010 market value.
Investment Opportunity?
What is De Palma’s motivation behind this most recent purchase? Is it an investment opportunity or something else? Either way, De Palma must really love One Fifth Avenue. What’s not to love though? One Fifth Avenue is unique in its own right. Nestled in the heart of Greenwich Village, it is a residential skyscraper that stands alone. There is a true community feel especially when you consider the nearby green space at Washington Square Park. One Fifth Avenue is also conveniently close to public transportation allowing residents to maneuver the streets of New York City with ease.
