$90 Million Apartment Sets a New Real Estate Record

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An unknown buyer has paid over $90 million for an unfinished penthouse apartment, setting a new mark for the priciest home in New York City. The developer of a new high-rise building under construction on 157 West 57th Street would not reveal the exact price for the 11,000-square foot, two-story penthouse, but did tell The New York Times that it was below the elusive $100 million mark that real estate watchers expect to be broken any day now. It breaks the previous New York City record of $88 million paid by a Russian billionaire to buy a Central Park West apartment for his daughter last year. On a per-square foot basis, however, this is a much better deal. The latest sale went for about $8,000 a square foot, while the Central Park West pad went for more than $13,000.

The new building, called One57, will eventually rise to 90 floors over Midtown Manhattan, making it one of the tallest residential buildings in the world. With more than half apartments still be to sold, it's possible that the $100 million mark could be surpassed on one of the lower floors before construction is even finished. Two other New York apartments have gone for more than $50 million in just the last week suggesting there is plenty of one-percenters looking to pay top dollar for a new pad. The buyer of the One57 penthouse was not revealed, but the developer said that the family was not from anywhere in the former Soviet Union and it is “someone that people would recognize.”

This article is from the archive of our partner The Wire.