Record $88 Million Sale for NYC Condo

December 21, 2011

Russian billionaire Dmitriy Rybolovlev is reportedly paying the full asking price of $88 million for a New York City condo for his 22-year-old daughter, considered the highest individual transaction ever recorded in New York City, according to Forbes.

The 6,744-square-foot apartment was owned by Sandy Weill, the former Citigroup chairman.

“This sale is an outlier. It works out to be about $13,000 per sq. foot, the highest on record, for anything, that has ever occurred,” Jonathan Miller, chief executive of real estate appraiser Miller Samuel, told Forbes.com. “What is ironic is that when Sandy Weill bought it for less than half this amount, he paid the highest price per square foot to date in that building, around, $6,400 per square foot. He is again setting a record.”

The Manhattan condo features 10 rooms, including four bedrooms and more than a 2,000-square-foot wraparound terrace. Rybolovlev’s daughter plans to use the apartment when attending the college in the United States. 

The previous sales record in New York City was $53 million for a townhouse, set before the housing crisis.

Source: “Billionaire’s Daughter Pays Record Sum for NYC Pad,” Forbes.com (Dec. 19, 2011)

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