Thanks, Fed! Ultra-Rich Collectors Love Cheap Debt

Bloomberg is out with a report that JPM has issued a massive $42.5 million loan on an NYC penthouse owned by a Russian billionaire’s family. The penthouse, at 15 Central Park West, is worth an estimated $88 million. Russian billionaire Dmitry Rybolovlev tried to sell the property but failed at finding a buyer, has decided to leverage the asset to tap into cheap credit, with an interest rate bearing 2.9%.