New York City has got to be one of the most expensive places in the world to buy an apartment. A NYC luxury apartment can be a great investment but also a heavy burden on the finances. For instance according to New York Metro:
“In 2004, British financier David Martinez set a record by spending $45 million for a 12,000-square-foot condo at the Related Companies` Time Warner Center, thereby proving that really, really rich people really, really want massive spreads with park views and hotel services.”
That works out at $3750 per sq ft. Not cheap. But in terms of expensive apartments this has been a precursor to bigger deals and bigger fees for NYC real estate agents.
Other super expensive apartments to hit the market include:
$45.5 million triplex at the Ritz-Carlton.
$64 million condo at the Time Warner Center.
A triplex penthouse owned by hedge-fund manager Martin Zweig – comprising 9 bedrooms and 4 terraces was marketed in 2005 for $70 million. With some mortgaging you could almost buy the most expensively built house in the world for that – the lavish Updown Court.
Will prices continue to spiral for NYC luxury apartments?
Who really knows. Certainly those at the coal face seem to think so even with interest rates inching upwards.
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