Jennifer Lopez and Alex Rodriguez have found a buyer for their luxe home at 432 Park Ave. in Midtown.
The $17.5 million spread, which the engaged pair bought for $15.31 million in 2018, has entered contract, according to a StreetEasy update and its listing with brokerage the Modlin Group.
The writer is asking:
- How were they able to accomplish this?
- What did they do right?
We actually do not know what the contract price is. It could be less (or far less) than the asking price...as is the case most of the time. Also, when they purchased the property, they had substantial closing costs:
- 1% mansion tax = $153,100
- 1.825% state and city transfer taxes = $279,407
- I'm also assuming they did some decorating and customization...$300,000-$1,000,000
When it comes to selling they have the following fees:
- Brokers fee 6% = @ $17,000,000 = $1,020,000
- 1.825% state and city transfer taxes = $310,250
So if they bought it for $15,316,716, they would have to sell at roughly $17,380,000 just to break even. I'm willing to bet they lost money!
