Living
The Ultra-Rich Are Using Giant Home Loans to Access Cheap Credit
JPMorgan has issued a $42.5 million loan on a New York penthouse owned by a Russian billionaire’s family.
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The penthouse at 15 Central Park West has everything you’d expect for an $88 million property: 6,744-square-feet of space, a wraparound terrace and killer views of Manhattan.
Since June, the apartment owned by the family of Russian billionaire Dmitry Rybolovlev has an added feature available just for the super rich: a $42.5 million mortgage from JPMorgan Chase & Co. With a 2.9% interest rate, payments are about $177,000 a month.