We have reported earlier that even some of the luxury homes have to scale down their prices in order to find a buyer. New York has been something of an exception but an unused island off the city’s coast suffered the same fate and had to scale down from its valuation to attract a buyer. The island in question is a 2.5 acre rocky outcrop off the Bronx and is accessible only by boat. The island has been unused for decades now and was valued at $265,000. The buyer who finally bought it at a scaled down price of $160,000 was not identified but he bought it because it is visible from his back garden on City Island.
Syracuse Realty was in charge of the auction for the sale of the island. Ozzie Crisalli from the firm had pitched it as a unique real estate with history of over 350 years. There were rumors that Ivanka Trump, daughter of renowned developer Donald trump, was interested in the island but she clarified that there is nothing undiscovered in the area and if a piece of real estate has been left undeveloped there must be some reason behind it. Crisalli, however, insists that the island is serene and the views fantastic.
Called the Rat Island, it has an unappealing history. It was used as a typhoid quarantine hospital, way back in 17th century and was called the Pelham Pesthouse. It became a writers’ and artists’ colony in early 20th century but later in 1972 the Rat Island was bought by Red Brennen for $5,000. He was a marine contractor who used it to store equipment and salvage barges. During high tide the size of the island shrinks substantially.