The most expensive piece of real estate in the U.S. just sold for a staggering $238,000,000. No, it’s not a palatial estate in Beverly Hills. In fact, it’s not a home at all. It’s an apartment. Specifically, it’s a high-rise in New York City. The property at 220 Central Park South sold last month to hedge fund billionaire Ken Griffin.
The nearly 24,000 square foot apartment takes up the top several floors of a Manhattan tower overlooking central park. Not only was Griffin’s purchase the most expensive in U.S. history but it shattered the previous record by $100 million.
“Paper wealth doesn’t show; real estate does,” said Lawrence Yun, chief economist for the National Association of Realtors, describing the property as a showcase and an example of confidence in the long-term housing market. Yun predicts the apartment will double in value in 15-years.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.