One hundred and eighty-one dollars. That’s apparently how much a square foot in a decrepit yet still glorious seven-story landmark red building in Hell’s Kitchen is worth.
The deed for the 19th-century Windermere, at 400-406 West 57th Street, was made available on city records on Tuesday, revealing that the 71,911-square-foot apartment building sold for a mere $13 million. Of course, that price doesn’t include the millions of dollars the new owners, Windermere Properties LLC, will have to invest in the dilapidated apartment house. (A recent New York Times article said the new owners had reached an agreement with the city to repair the structure, where floors and walls are collapsing.)
In August 2007, during the boom years, the nearby 521-533 West 57th Street sold for $110 million, or $265 a square foot. And that, apparently, was considered a bargain.