What you'll get for $130 million, the price of NYC's most expensive home
By Leigh Kamping-Carder |September 26, 2014 - 9:59AM
We remember a time when an apartment with a $100 million price tag was enough to shock us. No more. Now, the priciest place in the five boroughs—a penthouse at the under-construction 520 Park Avenue, which goes on sale early next year—will cost you $130 million, as Bloomberg News reported. Said to be the largest apartment on the Upper East Side, the condo will sprawl over three floors and almost 12,400 square feet, with a 1,257-square-foot terrace.
But if, perhaps, you’re not in the market for something so large, what else could you purchase for the same amount? Quite a lot, it turns out.
We looked at prices for different types of apartments—from single-family houses in Staten Island to one-bedrooms in East New York to condos in the same neighborhood (Lenox Hill), built by the same pair of developer brothers (15 Central Park West) and in the same class of uber-luxury (One57)—to find out how far your dollar would stretch in other parts of the city. We also checked out how long you could rent the average apartment in Manhattan, Brooklyn and Northwest Queens if you had that kind of cash—although, presumably the rent would go up at some point over the next two to three millennia. Above, the break down of what we found.
SOURCE NOTE: Figures for Williamsburg condos, Bed-Stuy townhouses, Lenox Hill condos, East New York one-bedrooms and Staten Island single-family houses based on average price of sales recorded in past 90 days, per StreetEasy. Figures for Manhattan condos, Manhattan co-ops, Manhattan new development apartments, Brooklyn homes (condos/co-ops/one- to three-family houses) and Queens homes (condos/co-ops/one- to three-family houses) based on average sale prices in second quarter of 2014, per Miller Samuel and Douglas Elliman. Figures for Manhattan, Brooklyn and Queens rentals based on average rent in August 2014, per Miller Samuel and Douglas Elliman. Figures for 15 Central Park West and One57 based on average price of closed sales in last 30 days, per CityRealty.
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