It’s well known that real estate in New York City is some of the most expensive in the country, but this new penthouse condo has taken the cake before its even finished. While still under construction, the most expensive home sold in the US was purchased by hedge fund billionaire Ken Griffin for a cool $238 million.

More than double the last most expensive Manhattan home, the One57 penthouse which sold for only $100 million, this ultra-luxury flat may seem like insane price gouging, but looking at the price per square foot it’s a bit of a deal. Back in 2012 one of the 15 Central Park West penthouse units went for $88 million, which is about $13,000 per square foot while Mr. Griffin’s flat comes in at only about $10,000 per square foot.

According to local real estate professionals, this property purchase says less about the market in Manhattan and New York City in general, and actually says more about Mr. Griffin himself. It’s a one-off trophy purchase, and you have to view it that way in the market. Stick to more reasonable properties to get an idea of what’s going on in the real estate market in NYC and stay away from the trophy purchases.

Fancy Properties Around the World

While this property is the first to set a record, it’s certainly not the first insanely luxurious property for Ken Griffin. Just a little while before, he closed on one of the most expensive properties in London, a $122 million 2 century old home only a half mile from Buckingham Palace with a Gym and Pool.

This New York City purchase isn’t his first record-setting purchase. In 2017 he bought the most expensive home ever sold in Chicago paying nearly $60 million for a four-story penthouse at No 9 Walton flat tower by Gold Coast.

Buying in New York City

While not everyone can drop over a $100 million on their new home, other options in New York City put you in the heart of things without breaking records or your bank account. Your best choice is to find a real estate agent who knows the borough or neighborhoods you want to live in and make sure you plan for a long search to track down just the right home at the right price.

Tag: New York City