Even though property investment is a long-term activity, Sean “Diddy” Combs, aka Puff Daddy, has taken this to a new level after listing his New York City property for five years. He originally acquired the property for $3.82 million back in 2005 placing it back on the market five years ago at $8.5 million. He then dropped the price to $6.5 million and finally he has bagged a $5.7 million all-cash deal for the property. So, while he has been forced to reduce the price significantly he still made a profit on his original purchase.
Views and changes
This property is situated on Manhattan 63rd Street on the 66th floor of an apartment block which obviously gives amazing views over Midtown and Central Park. However, this is not a property for the fainthearted because while the views are breath-taking the condo has an array of floor-to-ceiling glass windows!
Originally this condo was a three-bedroom home but Puff Daddy decided to convert it into a two bedroom/2 bathroom property was also allowed him to significantly open up the floor plan. The additional room was converted into a work office and with a wealth estimated at in excess of $700 million we can safely assume this room was used extensively.
Inside the property
It can be difficult to get an idea of the size of the property because we very often assume significant constrains as it is part of an apartment block. When we tell you that the floor space for the property is approximately 2300 ft.² perhaps this will give you an idea of the dimensions. When you first step into the condo you are presented with a large open plan foyer and a state-of-the-art kitchen adorned with black granite tiles, stainless steel appliances and a surprising amount of space in which to work.
The living room and dining room are effectively combined due to the open plan nature of the condo adding up to a whopping 500 ft.² of entertainment and family space. This has all of the mod cons you would expect from a multimillionaire but the state-of-the-art media centre and large television screen are put in the shade somewhat by the floor-to-ceiling windows. This is what we touched on above, the breathtaking views which are not for those with a fear of heights!
On one side of the condo the converted bedroom is now office space and the original linked bathroom has been converted into a wet bar. The main master suite bedroom is located on the other side of the property with two walk-in closets, private bathroom, heated floor and three additional closets. All in all this swanky condo has a much to offer and while it may have taken some time to sell the property it has finally changed hands.
Patience prevails
Puff Daddy has a reputation for patience as another property he owned at Alpine, New Jersey was recently sold in 2016 after being on the market for nearly a decade. Originally purchased for $4.81 million it was eventually sold for $5.5 million despite initially listed for sale at $8.9 million. While the odd million dollars here and there will have no impact upon the wealth of Puff Daddy he has shown extreme patience with his real estate transactions.