The fancier the apartment, the greater the likelihood that nobody’s home.
International moguls, heirs and magnates are buying up large, stately apartments in the city, just to keep them vacant for most of the year, according to the New York Daily News.
Buyers of these urban palaces are often not interested in collecting rent or flipping their properties — they just want to have a private place to stay when they’re in town, the Daily News reported. Often, these owners will own multiple apartments around the world, all with the same furniture, linens and finishes.
One example of the phenomenon is actor Bruce Willis’ apartment at the El Dorado, at 300 Central Park West on the Upper West Side. While Willis and his wife are rarely seen at the building, they’ve never listed the pad for rent.
Another high-profile example is footwear mogul Alex Birkenstock, who bought a $5.87 million apartment in the Financial District in 2007. After a $4 million renovation, Birkenstock has only stayed at the apartment once and has never rented it out. [NYDN] – Claire Moses