Housing News

Bank of America Sells Luxury Apartment

So why just now?

Bank of America recently sold its $7 million dollar corporate apartment. According to The New York Observer, “…On Friday, just after Bank of America announced a billion-dollar loss in the third quarter, a deed in city records showed that the massive firm had sold off its corporate apartment in the Time Warner Center for $7.2 million. On the bright side, it cost $6.35 million to buy three years ago.”

“Especially on a dark afternoon like this one, you stare up at the twin-towered, 53-story, 2,800,000-square-foot, sharp-edged, nefariously shiny Time Warner Center and wonder what really goes on in the multimillion-dollar condos. According to James B. Stewart’s 19,148-word epic on the financial world’s collapse, it was in this Bank of America sprawl—on the north tower’s 57th floor—that chief Ken Lewis met Merrill Lynch’s John Thain on Saturday, Sept. 13, 2008, to talk about a merger.”

So we’re thinking two things about this sale.

First, this could be another show of assurance to their investors that the bank is serious on restructuring its financial situation after not fairing well in the last quarter or…

Second, they want to forget about the location where Mr. Lewis made a very, very bad decision.

Maybe then, the real reason could be a combination of the two.

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