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Kanye West may live in a museum-like mansion in Los Angeles right now, but let’s not forget that not too long ago, he holed up in a New York City bachelor pad—which was just sold to a new owner, amid the coronavirus pandemic no less!
According to the New York Post, the rapper-turned-entrepreneur’s 2,500-square-foot, one-bedroom, 1.5-bath condo—where he lived both solo and later on with his wife, Kim Kardashian West—was created from a two-bedroom he snapped up in 2014 for $1.89 million and an adjacent studio he added in 2016 for $1.25 million.
In 2018, West sold the massive apartment for $3 million to an undisclosed buyer. Given what West paid for both units, not including his renovations, he sold it at a $140,000 loss.
Now things seem to be looking up for West’s old digs: In September it went back on the market for $3.99 million. While the final sales price is still under wraps, the deal had reportedly begun before the pandemic gripped the Big Apple. It is expected to close soon.
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Inside Kanye West’s old bachelor pad
Located in the tony neighborhood of SoHo, this light-filled loft was designed by Italian architect Claudio Silvestrin and features 13 giant windows facing north and east. Ten-foot ceilings and a minimalist aesthetic grace the main rooms and master suite. The kitchen boasts luxuries ranging from a stone island and limestone floors to Miele and Sub-Zero appliances.
Owning a SoHo loft comes with bragging rights, in addition to the celebrity tie of West’s previous ownership, says Sara Burack, a real estate agent at Nest Seekers in New York City. And the new owner of his apartment in this nine-story building will bump into a few boldface names in the elevator, including “Top Chef” star Padma Lakshmi.
Yet here’s one possible reason West didn’t make money on this early real estate acquisition: It’s not exactly a family-friendly apartment.
“SoHo has always been a hot neighborhood, so it was natural for Kanye to want to live where the action is,” says Dolly Lenz, a real estate agent at the eponymous firm in New York City. “But he likely took a loss on this purchase because it’s a super specific apartment—a huge one-bedroom with a very manly feel to it.”
Still, if the latest sale came through anywhere close to asking price, that bodes well for the current seller—and maybe even New York City’s real estate scene at large.
What West’s bachelor pad sale may mean for NYC
Tim Waltman / Evan Joseph Images
As one of the earliest epicenters of the COVID-19 pandemic, New York City took a hit on the real estate front. With in-person home showings, open houses, and other steps of the real estate process on hold, many home sales took longer to close.
But multimillion-dollar sales like this one could mean the city’s real estate market is showing new life.
Tim Waltman / Evan Joseph Images
“The deal for this unit is yet another sign that New York will continue to be a desirable place to invest in real estate,” Dolly adds. “Luxury seekers haven’t given up on the city.”
In fact, once the New York market gets rolling, it could make up for lost time.
“Once New York opens back up, we’ll continue to see many more deals like this one due to pent-up demand created by the lockdowns,” adds Jennifer Lenz, a real estate agent at Dolly’s firm.
Tim Waltman/Evan Joseph Images
The Lenz team backs their prediction of a future upturn with the fact that their own real estate site’s searches are up over 1000% since mid April.
“And mortgage interest rates are at record lows, so this will also help to spur New York City’s real estate markets,” says Dolly.
Manhattan and its tony enclaves will always be a draw—particularly where West once lived.
“The SoHo neighborhood has been on an incline over the years, and it won’t see a slowdown anytime soon, since there’s a finite number of best-in-class lofts and buildings here,” adds Burack. “Educated and experienced buyers are confident knowing that even though the city has been through 9/11 and the Great Recession of ’08 and ’09, the pandemic will be just another obstacle to overcome.”
The post A Peek at Kanye West’s Old NYC Bachelor Pad—and Why It Just Sold Amid a Pandemic appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/celebrity-real-estate/kanye-west-old-nyc-bachelor-pad-and-why-it-just-sold-in-a-pandemic/
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