Luxury NY apartments sold for $10

The 12-storey development was conceived as a replacement for a former bar called Mars Bar – hence the name for its successor, Jupiter. The original property, described regularly as a “superdive” by the blog Curbed , was scheduled for destruction years ago. Not because a developer wanted to knock it down, but because the tenants wanted to buy it themselves.

The plan? “Renovate the building, build on top of it or replace it.”

But the neighbouring building was going through a similar process, and so Donald Capoccia, a principal of BFC Partners, bought the rights to both properties.


Mars Bar, the “superdive”

As for the tenants, they would get the chance to buy units at a discount price.

The final structure was completed this week, the Wall Street Journal reported. It boasts 65 units, including 52 rentals to be sold at a market rate.


An artist’s impression of the new development

Photo credits: EVGrieve.com

 

The units will have walnut flooring, lots of sunlight, views of Second Avenue, a rooftop terrace and wet bar and, of course, a model of Jupiter in the lobby.

Most amazing of all, though? The developers kept their promise.

So the apartments will rent for $3,000 to $10,000 per month. But nine of the 13 “affordable condos” will go directly to the tenants. Their price tag? Just $10.

“I am grateful they didn’t give us lowlifes apartments in the back,” one former-new tenant-owner commented. “I feel hugely entitled to this luxury apartment, but I feel completely unworthy of it at the same time.”

At a time of recession and economic worries, where disputes occur all around the world due to unfinished projects, bankrupt developers or fraudulent scams, Jupiter 21’s $10 luxury apartments are a rare example of everything happening as planned without any legal action at all.

It’s nice to hear happy news for a change, isn’t it?

 

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