A Brief Thought on Manhattan Real Estate

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Photo: Getty Images

A contract has been signed for what will be the most expensive apartment sale in New York City history, according to today's Times. A "London-based businessman in the oil business" — for shame, local hedgies! — will pay $56 million for a triplex penthouse in the converted-to-condos Plaza Hotel. It occurs to us: With that same $56 million, by way of comparison, you could lease 100 Manhattan one-bedrooms — Citi Habitats puts the current average monthly one-bedroom rent at $2,567 — for a bit more than eighteen years. That's all.

Triplex Penthouse at the Plaza Hotel Set to Sell for $56 Million [NYT]