I wouldn’t sink $360,000 a year into renting Kate Winslet’s NYC apartment ... But it's very nice

Kate Winslet picture

Kate Winslet, the Academy Award-winning actress known for her starring role in Titanic, is offering an incredibly bad deal on her apartment.

According to a report I just read on RadarOnline.com, Winslet wants to rent her posh New York City abode in the exclusive Eagle Condominium for $30,000 per month.

If you can afford $30,000 a month, then you can afford a mortgage of over $6 million at today’s interest rates.

That's far more than Winslet and her former hubby Sam Mendes paid for the place during the real estate bubble — $4.995 million.

Although real estate has bounced back faster in Manhattan than most places, Winslet’s condo is still worth less than what she paid for it.

Well, that’s what Zillow says, anyway. It estimates the condo’s value at $4,876,467, or about $118,500 less than the original purchase price.

You’d have a much lower monthly payment if you could just buy the place, and you’d benefit from the interest and property tax deductions.

The real estate agency offering the condo doesn't say whether it comes with Winslet's furnishings. (If it did, that would make the deal a little more appealing.)

Having said all of this, there’s no doubt that anyone who moves in will live like a movie star.

The building’s in the trendy Chelsea neighborhood on the west side of lower Manhattan, where Katie Holmes and Suri Cruise live.

The chic, 3,300-square-foot, four-bedroom, 3.5-bath is a penthouse-loft duplex with 13-foot ceilings, 12 oversized corner windows and a fireplace.

Outside, you get a 1,700-square-foot terrace that looks out over the city.

The listing says the kitchen is "perfect for the at-home chef," with an island, breakfast bar, butcher block countertops and a six-burner Viking range with griddle.

I’d love to show you what it looks like, but the listing agent emphatically told me that I "do NOT" have permission to publish photos of the apartment.

So, here's the listing if you'd like to check it out: http://www.townrealestate.com/rental/id-509460/532-West-22nd-Street-phA-Chelsea&scroll=1.

And if you're trying to decide whether this is the right time to purchase a home, our Rent vs. Buy Calculator can help you make a smart decision.