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Barbara Corcoran’s journey to owning her current penthouse in New York City is a testament to her vision and determination. Back in 1992, she was already an entrepreneur, having founded The Corcoran Group, her real estate business. However, the market was struggling, and to sustain her company, she worked part-time delivering packages.
One day, she found herself at a 4,600-square-foot penthouse on Fifth Avenue while making a delivery. The moment she entered, she was captivated by the green terrace visible through the French doors. “I told the lady who welcomed me in, ‘If you ever decide to sell this place, I want to be the first to know,'” Corcoran recounted in a recent interview with The New York Times.
At that time, her request seemed far-fetched. Yet, years later, after establishing a reputation in the industry, she received a call from the owner when it was time to sell.
In 2018, Corcoran and her husband, Bill Higgins, purchased the expansive 11-room duplex for $10 million, later investing an additional $3 million in renovations. The residence features unique elements like a greenhouse, a striking curved staircase, and a terrace that offers stunning city views, which were significant factors in her decision to buy.
Corcoran has always made her real estate decisions based on an emotional connection to the properties, often purchasing homes without seeing them in person first. She describes this approach as an “emotional love affair” with her residences. “I have a sense that I belong there,” she explained, recalling her childhood home and other residences that evoke strong memories for her.
In a 2020 conversation with CNBC, Corcoran emphasized that while relationships are important, the act of dreaming and envisioning herself in the space is what ultimately guided her choices. She reflected, “I envisioned myself living here.” This notion of visualization played a crucial role in her real estate endeavors.
Discussing the value of her penthouse, Corcoran speculated that if she decided to sell, it would likely be worth around $12 million due to her extensive improvements. She expressed her intent to remain in the apartment for at least a decade, stating, “New York is a crazy market, but one thing I know for sure is I will make a lot of money.” Corcoran’s insight into the real estate landscape reflects her deep understanding of market dynamics.
Source
www.cnbc.com