Russell Simmons’ Home Returns to the Market for $11 Million

Source: IMDb

There are certain celebrity properties that return time and time again to the market, and Def Jam Recordings founder Russell Simmons’ penthouse is one of them.

His Lady Liberty penthouse, located at 114 Liberty St, New York, NY 10006, has spent quite a bit of time on the Manhattan real estate market. Sean ” Diddy” Combs was planning to close on the apartment on Sept. 11, 2001, according to Curbed, but damage from the Twin Towers falling nearly ruined the apartment. Combs backed out, and Simmons renovated the place, but even a price-chop in 2005 couldn’t secure a buyer.

The home is now back on the market with its original price tag of $11 million and an incentive of a 1 percent flip tax payable by the buyer.

With 7,175 square feet of interior space and nearly 3,500 square feet of exterior space, it’s surprising the place hasn’t found a buyer. A grand circular and architectural staircase marks the center of the home, and 12-foot ceilings and enormous windows create a “sun-drenched space.” The home is laid out with an enormous kitchen with breakfast room, library, 4 bedrooms, 4.5 baths and staff room with full bath. Upstairs the master suite includes a kitchenette.

According to current mortgage rates, a monthly payment on Simmons’ home would be $38,919, assuming a 20 percent down payment on a 30-year fixed mortgage.

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