The Real Deal reports that a buyer of a $4.508 million penthouse at the terrifyingly tall Chelsea Stratus on West 24th Street got a mortgage in October for $500,000 more than the total purchase price of the apartment. Say wha? "The buyer could tell the bank he would be using the money as a construction loan to remodel or build out the unit which would in time increase the value of the apartment, or he could put up substantial capital or other assets such as real estate as collateral." We always knew the credit crunch was made up. [Real Deal]
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