New York City has some of the priciest real estate in the world. Where else can someone spend $238 million on a single apartment?
No doubt the most expensive apartment in NYC, the property located at the ultra-luxury 220 Central Park South. The apartment was purchased before it even hit the market. Overlooking Central Park, this apartment is on 4 floors and has 23,000 square feet of interior space and 649 square feet of outdoor space. At $238 million it is clearly the single most expensive home in the US and is one of architect Robert A.M. Stern’s signature designs.
Who was the buyer? Billionaire Ken Griffin, founder of the hedge fund Citadel. While the $238 million price tag is certainly an outlier, NYC has seen some properties in it’s newest towers trade upwards of $90 - 100 million, record prices for the city.
Why are the richest men and women in the world cherry-picking $90, $45, or $25 million residences? It is a global phenomenon. It is a signifier that Manhattan is the capital of the world and the Manhattan brand is untarnished. It costs an average of $1.8 million to buy a piece of the Big Apple, and that's just in Manhattan. But, this is just the starting point when looking at real luxury residential homes in the city.
For those looking for the most expensive property in Manhattan, the buyer will concentrate in the ultra-luxury segment, not just the luxury segment. The luxury segment is defined as the top 10% of sales in Manhattan. Accordingly, the average price of a luxury property is $7.7 million or $2,900 per square foot. The luxury segment, however, can be divided further into ultra luxury (approximately $5,000 per square foot and up), super luxury ($3,000 - $5,000 per square foot) and luxury. The most expensive house in NYC can trade at $10,000 per square foot or more.
What distinguishes the most expensive homes for sale from the ordinary? Apartments that have full floors, private outdoor space, such as its own terrace or private roof deck, floor to ceiling windows, oversized living spaces,
Which other buildings have the most expensive Manhattan condos for sale? While the Upper East Side has its fair share, downtown Manhattan also has some great buildings such as 150 Charles Street, the Woolworth Building and Madison Park Square Tower. Most recently, Billionaire’s row has attracted some of the most expensive properties with the addition of Central Park Tower, 15 Central Park West, 520 Park Avenue, 432 Park Avenue, One 57, and Time Warner Center.