How toTurn $200 Rent into $15 Million
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Posted by George on November 13th, 2005

The words on the NYC streets is that a tenant took the developer of the soon to be super luxurious condos at 15 Central Park West to the cleaners.

Word among real-estate types is that the unnamed renter pocketed a record-setting $15 million to be bought out of his rent-controlled two-bedroom apartment … for which he paid the princely sum of $200 a month.

It must be good to live in a rent control apartment and become an instant millionaire over night. To the developer $15 million is chump change compare to the $650 million the developer got so far for the apartments that are plan to be built. What the tenant should have done was for the developer to also throw in an apartment at the soon to be condos at 15 Central Park West.

[Gate Crasher]

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