Johnny Closes on 1.1 Million Dollar Condo

[BlueRidge]

Johnny's purchase is a typical Manhattan investment. Not a dumb move by any means. While the condo may not appreciate in value, it will not depreciate either. Not in the area it's located. Sure, it's not Park Av. - but it's a nice location.

To clarify the median income situation. Manhattan has neighborhoods that are far from wealthy. Plus, it has countless housing projects. That contributes to the median income number. Overall, $49K is not representative of the avg income of Manhattan residents, especially in ok areas.

Indeed the median is not the average. The average income is about $42,000*. But you're right these are for people that don't live in "ok" areas.

Just providing some perspective.

I'll bet Johnny knows how well he is doing. And as I said, good for him!

eta: *this figure is actually per capita income

[mmscfdcsu]

I don't regret supporting athletes when I can one bit. It is a joy for me to see those I have supported even if in a small way move on and up, and become a great success in their lives-in all aspects, not just financial.

I don't regret supporting athletes either. I have contributed in the past. I most certainly did not contribute to Johnny's training fund that he started after he was already making very good money.

[Sasha'sSpins]

I don't regret supporting athletes either. I have contributed in the past. I most certainly did not contribute to Johnny's training fund that he started after he was already making very good money.

By your post-and some of the others-you seem to resent Johnny's success. I don't get it. Whatever.

[BlueRidge]

By your post-and some of the others-you seem to resent Johnny's success. I don't get it. Whatever.

People seem to be uncomfortable with wealth. Similiarly it seems odd to refer to $1.1 million as peanuts!

[mmscfdcsu]

By your post-and some of the others-you seem to resent Johnny's success. I don't get it. Whatever.

I just think that it is a shame that he is not developing as an artist. That he is marketing himself to the very bottom of the gene pool. He had so much promise. It is sad to me to see him settle for mediocrity. I don't care if he makes billions. I'm just sad that he does nothing of interest to me anymore.

[Prancer]

People seem to be uncomfortable with wealth.

I think a lot of people are uncomfortable with Johnny, too.

[BlueRidge]

I think a lot of people are uncomfortable with Johnny, too.

Well there is that. Combine the two and

[danceronice]

By your post-and some of the others-you seem to resent Johnny's success. I don't get it. Whatever.

I find his supporters annoying in their "Poor victim Johnny!" mode, but that isn't HIS fault.

If he makes a ton of money, good for him. And obviously in the case of a real estate transaction he can't avoid publicity. But he has a history of bewailing how little he has, how no one supports him, and on the other hand putting his very expensive tastes front and center. Frankly he's rather tacky on the subject of money. It's just another eye-rolling moment when this came out. Same as when I look at what some idiot actors and athletes buy with their money.

[Jenny]

People seem to be uncomfortable with wealth. Similiarly it seems odd to refer to $1.1 million as peanuts!

The value of one's home means very little - measure of wealth must include debt load in the equation, and the ability to sustain that debt load, and eventually eliminate it.

Just because Johnny bought a property worth $1.1 million doesn't mean he has that kind of money - it means that he and his financial institution were comfortable enough with his initial investment (down payment), and his ability to make good on the debt over time.

It's this last part that surprised me the most, because from what most of us are observing, his income may be pretty good in the immediate term, but is uncertain in the long term. He either has accumulated cash, current sources of income or secure future income we don't know about, or for some reason his financial institution was willing to take a risk. Maybe they are confident in him, or maybe they are confident that the property will increase in value enough that they will get back their money - one way or another.

[BlueRidge]

$1.1 million still isn't peanuts...whatever Johnny's situation is or isn't...

[kwanette]

I just think that it is a shame that he is not developing as an artist. That he is marketing himself to the very bottom of the gene pool. He had so much promise. It is sad to me to see him settle for mediocrity. I don't care if he makes billions. I'm just sad that he does nothing of interest to me anymore.

Well, if your last sentence is true, you're sure talking about him a lot.

[gkelly]

And I think some of the frustration also comes from those who are concerned about him having a long-term income. The other skaters who buy condos, cars, etc, have a proven track record of endorsements, show appearances . . . essentially a future that provides an income. Johnny on the other hand may be making a lot NOW and cashing in on a lot of opportunities NOW, but doesn't seem to have a long term plan in place.

If indeed he is earning a lot of money this year, and may be earning considerably less a few years from now, buying real estate is probably one of the wiser things he could do with it . . . assuming he has enough to make a significant downpayment.

But we really don't know, do we? If he has this much money, then it's a good idea; if he only has that much, it's a bad idea . . .

[kwanette]

Johnny's mom tweeted last spring, that she was listing their home in Delaware. FWIU, Johnny helped with the expenses on that house and with his brother's education. Maybe the house sold and Johnny got some money back. Fault him for what you want, but he sure loves his family.

[Wyliefan]

Well, if it's what he wants, more power to him. Heck, if this purchase will be the thing that finally gets that chip off his shoulder, I'll throw him a housewarming party!

[Jenny]

$1.1 million still isn't peanuts...whatever Johnny's situation is or isn't...

It's certainly not peanuts; but it may not be an indicator of his wealth either. He wouldn't be the first person to buy something that was above his means or not the wisest financial move.

[skatingfan5]

$1.1 million still isn't peanuts...whatever Johnny's situation is or isn't...

No, I certainly wouldn't consider $1.1 million "peanuts" -- but compared to other 1 bedroom condos currently on the market in Manhattan, it's not at all at the upper end (or even near the mid-range). I'm sure that the properties have a wide range in their desirability wrt location, sq ft, building features, amenities, etc., but I'm wondering what that $10M 1 bedroom (w/ 930 sq ft) in the Flatiron district has that makes it so expensive. (Besides the washer/dryer, I mean. ) I guess this sums it up: bragging rights for the :

Location, best finishes, views, amenities, unparalleled and stunning homes.One Madison Park is creating a new definition of luxury in Manhattan’s downtown real estate market. The building’s prime tree-lined location, thoughtful design and floor plans, unsurpassed amenities and unprecedented views offer a unique appeal to the most discerning buyers. A once in the lifetime opportunity to be a part of history, to live in a building that will forever be apart of New York’s silhouette. An address at the center of it all. Introducing One Madison Park, the ultimate modern piece of the most famous skyline in the world.

I guess compared to his neighbors at "One Madison Park" Johnny will be just one of the hoi polloi.

BTW, I'm happy for Johnny to be able to buy his new digs -- and hope that it is a good investment for him in the long term.

[overedge]

Regardless of how many design frills there are in the apartment and the building, an 826 sq. ft. unit is going to feel pretty cramped after a while. That's not much bigger than a suite in most hotels.

And until it was mentioned upthread I hadn't thought about the security/publicity issue. When I was in NYC I stayed at cheap accommodation in a pretty expensive neighbourhood, and it was only until I got home and started Googling the names of some of the buildings that I was at the very rich and famous people who lived near where I was staying. I never would have known otherwise. Those residential buildings are all about discretion and quiet, not about limos, red carpets, and clamoring photographers. So I hope that Johnny doesn't run into any problems with his neighbours....

[skatingfan5]

Regardless of how many design frills there are in the apartment and the building, an 826 sq. ft. unit is going to feel pretty cramped after a while. That's not much bigger than a suite in most hotels.

I guess I should feel a bit deprived with my 800 sq ft cottage, but other than having the tiniest bathroom in town, after a decade living there, I don't really feel cramped (well, except for all those boxes of books that don't fit in the 13 bookcases I have ).

[manhn]

800+ sqft should be more than enough for one person, particularly for someone like Johnny who travels for work all the time. He's lived in an apartment for while (and with a roommate for a portion of that time); he should know by now whether he needs a bigger space or not.

[sk9tingfan]

http://www.nbcnewyork.com/entertainm...115554609.html

He's walking the runway for Asher Levine. The one thing this boy doesn't lack for is exposure. Is he in danger of being overexposed?