Talk About the Big Ones!

The Most Expensive Townhouse Sold in NY is not a Midtown Luxury Apartment In April 2017, the most expensive townhouse ever sold in New York City was a 3-story, Depression-era, 25,000 square foot limestone-clad mansion at 19 East 64th Street. For nearly a century, the building housed the Wildenstein Family art collection. The Beaux Arts-style building sold for a record $79.5 million, making it the most ever paid for a New York City townhouse.

In Bel Air, California, the most expensive house in the nation is on the market for $250 million. Bruce Makowsky is an ultra-wealthy American real estate developer and entrepreneur. Makowsky set the record for the most expensive home listed in the United States earlier this year. Mr. Makowsky’s 38,000 square foot high-tech palace includes an 85 foot long, glassed, tiled infinity pool that overlooks Los Angeles. At the edge of the pool is a 20 foot 4K resolution television with 16 underground speakers. A seven person staff is supplied for 2 years including a chef, a chauffeur and a masseuse.

The most expensive land purchase happened in Hong Kong just last month. The rare plot of land in Hong Kong’s bustling Central District came with a $3 billion price tag. It was the first premium commercial lot to come up in the Central District since 1996. Hong Kong’s second richest man, Lee Shau-kee is now owner of the 31,000 square foot plot. Central District is home to the world’s highest priced office market, and ahead of Beijing’s Finance Street, London’s West End and Midtown Manhattan in New York.

Stuyvesant Town-Peter Cooper Village covers 80 acres of Manhattan, making it New York City’s largest apartment complex. The urban renewal parcel was built as a private residential development with a priority to returning veterans from World War II. In 2015, Stuyvesant Town-Peter Cooper Village was sold for a whopping $5.45 billion and 5,000 units are reserved as affordable housing for 20 years. All the units have since been remodeled and feature blonde wood parquet floors, GE appliances including dishwashers, most utilities are included, over-sized master bedrooms, and in-building laundry. Amenities at Stuyvesant Town-Peter Cooper Village include a cafe, gym, bike storage, children’s play area, and lots of outdoor space, like the central fountain, playgrounds, and open lawns.  Stuyvesant Town-Peter Cooper Village may not be able to compete with those new Midtown luxury apartments. But, I’ll betcha Stuyvesant Town-Peter Cooper can compete with some of the Midtown Manhattan apartments or even some Midtown West apartment rentals, though!

Midtown Manhattan Real Estate Prices Are Not the Highest in the World

It is not uncommon for Midtown luxury apartments to sell for millions of dollars or have extremely high monthly rent rates. Midtown Manhattan apartments are located in desired areas, offering the finest amenities from spas and fitness centers to doormen, valet parking and concierge service. Because these apartments are in high demand, it can be hard to find something affordable. Many renters think that real estate prices in Midtown Manhattan are the highest in the world, but that was recently proven not to be so.

And the winner is Hong Kong

The most expensive land in the world currently is located in the Central district of Hong Kong. A business tycoon from Hong Kong recently paid $3 billion for a commercial lot. The price tag comes to about $1 million per square meter. The price was so large due in part to the competition in the area for space. The sale of the commercial lot, which is currently home to a multi-story car park, actually created a new commercial land sales record and will be considered as a measuring point for future deals.

Prices of property, both residential and commercial, have been on the rise due to an influx of funds from investors and developers from the Chinese mainland. Because the Central district is considered prime real estate, any land sale is going to have a high price tag.

So by looking at this recent land sale, the price of land in Manhattan doesn’t seem half bad. When you’re searching for Midtown West apartment rentals and you see a large price tag, remember it’s not as bad as paying $3 billion for a car park! There are moderate rental rates that you can find in Midtown that hopefully meet your budget and help you find your dream apartment.