New York record set as apartment sells for $100m

New York

New York.  Image by Steve / CC BY 2.0

A palatial apartment on 57th St., dubbed ‘Billionaire’s Row’, has broken the record for the most expensive apartment ever sold in Manhattan.

It took $100.47 million of a mystery buyer’s loot to finally claim the penthouse apartment. It’s not just any old apartment though, as the space occupies the entire 89th and 90th floors of One57, the high-end apartment tower overlooking Central Park at 157 W.57th St., reports the New York Daily News.

The 11,000-square-foot pad which is over six times bigger than most houses, has six bedrooms, seven bathrooms and two powder rooms, not to mention first-class Central Park and city views.

The latest transaction is the first single-family home to sell for more than $100 million in the city’s history. Up to now the record deal was held by Ekaterina Rybolovleva, daughter of Russian billionaire Dmitry Rybolovlev, who paid $88 million for a condo at 15 Central Park West almost four years ago.

And what will such a headline sale mean for the property business in the Big Apple? “This is going to set a new benchmark for real estate in New York, especially in new developments,” said Ben Benalloul of brokerage RLTY NYC. “I think this is a record we’re going to see broken several times over the next two years.”

It was pointed out that although the price set a new record, the buyer actually got better value than Rybolovlev. The deal amounts to around $9,000 a square foot, compared with the $13,000 a foot paid by the Russian scion.

Insiders believe that the deal will soon be surpassed because of the recent luxury development boom in Manhattan.

The penthouse at a new tower going up at 520 Park Ave. is expected to have an asking price of $130 million when it comes to the market later this year.

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