The Market

What that $326 million jackpot will get you in NYC real estate

By Virginia K. Smith  | January 16, 2015 - 8:59AM

Even in a world where $50 million apartment sales are getting to be old hat, $326 million can get you a long, long way in New York City real estate. So, assuming that this week's record-breaking Mega Millions winner, retired New York principal Harold Diamond, wanted to invest his winnings in NYC property (and received all of that cash pre-taxes), what would his options be?

Let's just say, numerous. Diamond could afford to shack up for several lifetimes in the $80,000/month "Versailles" mansion on the Upper East Side (recently marked down from $150,000/month!), or sign a lease on a Brooklyn or Manhattan rental that could theoretically last longer than humanity itself. For a shorter-term plan, he could also pick up a couple hundred Manhattan apartments, give or take, depending on whether he's more of a co-op or condo kind of guy.

Diamond could also put together quite the luxury portfolio, snapping up everything still for sale at One57, all available listings in the North Tower of the Edge condos in Williamsburg, every apartment or house currently for sale in Ditmas Park (seriously, the entire neighborhood), one of the brand new penthouses in SoHo's Puck Building, and for good measure, a few of the $3 million Brooklyn townhouses the New York Post claims are the new norm. In other words, if Diamond finds himself at a loss for what to do with his newfound (mega) millions? Well, we have a few ideas.

Source note: Average Manhattan condo and co-op prices are based on Douglas Elliman's 4Q 2014 sales report. Average Brooklyn and Manhattan rental prices are based on MNS' December 2014 rental reports. Current sales for One57The Edge, and Ditmas Park are based on StreetEasy listings.


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