THE $ 100 MILLION CONDO, OR WHY REAL ESTATE IS STILL A GOOD INVESTMENT

When I first read the headline about this property I thought, “It seems that money doesn’t go that far anymore these days – all it buys you is a pricey condo.” Upon closer inspection, however, I realized that I wasn’t just looking at an ordinary condominium unit. Rather, it’s a 8,000 sqft. monster-sized residence that occupies three floors (#73, 74 and 75) of an octagonal-shaped Manhattan building in the heart of NYC.  And it’s not being represented by just any realtor. It’s listed by actor Robert De Niro’s son Raphael, no less, who is a member of one of the top real estate sales teams in the U.S. – it just goes to show you that it never hurts to have a celebrity surname and the connections that go along with it.

It has classically styled interiors and acres of marble running throughout the place. As expected of a home this size (and this pricey), it has creature comforts that most people can only dream about: a private elevator, wrap-around terrace, picture windows with breathtaking views of Central Park and the whole of downtown Manhattan, media room, 20-seat dining table, conference room, wine storage for 1,000 bottles and staff quarters with their own kitchenette. And if these weren’t enough to keep you occupied, you can simply take the public elevator and go next door to Carnegie Hall for some entertainment or Fifth Avenue for a bit of retail therapy.

This property was purchased at $ 4.3 Million in 1993 by Long Island developer Steven Klar, who spent the same amount on renovations. It also goes to show you that if you’ve got time on your side, there’s no better investment than real estate, which seems to be getting scarcer and pricier each day. As of the moment, this condo is considered the most expensive in the U.S.

 

 

 

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