April 20, 2018

New NYC Listing Takes Title as City's Priciest

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New NYC Listing Takes Title as City's Priciest

A former co-op building with designs to become a mega mansion in Manhattan has hit the market with the most expensive listing price on record for New York. (As if that place wasn't pricey enough!)

River House, a 1930s building along the East River, is asking a mind-boggling $130 million. The building’s co-op board was unable to reach an agreement over long-term lease renewals and the sale of its private club, so it decided to turn the building’s 62,000 square feet of space into the largest single-family home in New York. The five-story building has enough space for “about 10 typical Manhattan townhouses,” according to The Wall Street Journal

The building is priced at just under $2,100 per square foot, which actually makes it a deal compared to more recent penthouse transactions in the city that have fetched up to $10,000 per square foot, the Journal reports. 

River House is being sold as raw space, but the listing includes renovation plans from an interior designer that re-imagines the space as a single-family residence. 

If sold at or near its list price, River House would become the most expensive home ever sold in New York. To date, the city's most expensive closed sale is $88 million, which was for a 6,744-square-foot penthouse that was owned by former Citigroup Chairman Sanford I. Weill. That penthouse sold for $13,000 per square foot. 

River House currently is the fourth-priciest home for sale in the country, following the $135 million Crespi-Hicks estate in Dallas, a newly reduced $140 million for the Copper Beech Farm in Greenwich, Conn., and an “off-market” $150 million listing for the Owlwood estate in Los Angeles. 

Source: “$130 Million River House Residence Is Now NYC's Most Expensive Home For Sale,” Forbes (Sept. 28, 2013) and “A View and a Price, Both Astounding,” The Wall Street Journal (Sept. 25, 2013)

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