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INSIDE BARBARA CORCORAN'S $13M PENTHOUSE | Secret Lives Of The Super Rich - YouTube
Channel: CNBC Prime
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I'm in Manhattan to visit my good friend
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and fellow Shark Tank investor Barbara Corcoran
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Barbara!
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Kevin, about time!
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So this is your place
Barbara? Yep it is!
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what exactly is this room?
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it's the TV room.
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You didn't pay $13 million bucks for this
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room with a ping-pong table in it
there's got to be more so nice ping-pong
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That's a nice ping pong table.
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I know but I get the feeling this
is not the room it's not oo-la-la room.
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Not the el supreme.
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All right, all right, I'll show you my
kitchen that's what my heart is.
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So this is the WOW room.
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This is spectacular!
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This is one of the reasons why I fell in love with the apartment.
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I wanted to have a green house to grow things.
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That's what I do for a hobby.
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But owning an apartment in Manhattan can mean putting up with unimaginable headaches
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Barbara almost had to destroy this beautiful kitchen
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after dropping big bucks to renovate it.
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Right after I started the renovation the city came in and told me I had to remove it,
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because I had no proof that I had it the right to have it.
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Which was bizarre, I was sick with worry
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until a young man I found a job for 20 years ago in the building department
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helped me out.
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He took his whole staff down to the basement of City Hall
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He turned up the old canvas plan
with a stamp of approval on it
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and I was able to go to the city and say: "you can't think me take it down!"
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so that's gold.
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If I had lost this green house I would have demolished the value
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by two million dollars
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Move over I'm getting on with you
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now this is real estate!
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Whoa! that's quite a view.
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It's a front row seat and
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no one could build in front of this.
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that's called insurance policy.
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I get it because nobody could build in the
park.
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It's not easy to find an apartment this unique in Manhattan
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just ask Barbara this purchase was years in the making
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I got this by accident. This was a
bad real estate recession, I was trying
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to keep Corcoran Group in business, so I
got a part-time job delivering packages
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I delivered the package to the woman who lived upstairs
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she's very elderly and I said please if you ever sell this apartment would you call me first.
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well she looked at me with pity. (laughs)
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Like you're delivering a package, and you can buy her place?
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I'm gonna buy her penthouse!
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but of course time went by, I made a big
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success in the real estate business
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and she called me and said I'm thinking of selling my home
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and I came over right away.
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So the point of the story is relationships matter when you're trying to get premium real estate.
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No. Relationships matter, but more important than that dreaming matters.
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I envisioned myself living here.
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Why don't you just tell me the truth, how much did you pay for this place?
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$10 million dollars.
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And then you spent how much to bring it up to what it is now?
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$3 million.
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So that's $13 million that you're in for.
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and how much could you get for it today?
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probably twelve I would say.
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So why would I consider you a good investor
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if you're going to lose a million dollars in your first year of operations?
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Because I over improved it on
purpose,
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and I'll be living here for ten years,
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New York's a crazy market but
one thing I know for sure
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I will make a lot of money.
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Ready, here's my offer
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I don't want to hear the offer.
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I'll give you 8.
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(laughs) Come on with me,
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Come on I'm showing you the door. (laughs)
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This video is not over yet...
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This is one of the most exclusive events we've ever done.
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It's like impossible to get in, you need clearance,
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calls, background checks,
security
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and we are doing showings one by one.
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Come on a night thank you very
much
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-Are you guys familiar with the desert?
Yes, that's an amazing view.
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That's kind of our million-dollar view
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and it's you know the snow-capped mountains it's tough to beat.
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these people are the type of people that can invite Warren Buffett
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and Bill Gates for beer without a second
thought.
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High-end real estate meets real drama...
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why would you even think like that
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because there's you we're not there at
the showing
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you can talk to the buyer and buyer's agent.
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-I did
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-I don't have to have
anything to do with that okay but when it comes to my sellers.
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I will be involved in every square inch of every
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negotiation that we do always.
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so never do that and I'm not trying to be a dick to you,
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but it's just offensive.
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I just wanted... -
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You wanted what?!
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I just thought you would be too busy and...
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I'm not too busy handle my own (bleep) life, I have my life down.
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Yes.
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Thank you.
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Don't miss an ALL NEW "Listing Impossible"
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Wednesdays at 10PM on CNBC right after Shark Tank.
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