The notion of a ‘studio apartment in Manhattan’ typically evokes thoughts of modest spaces and sensible price tags.
However, breaking this stereotype, a lavish 691-square-foot studio in the heart of the city recently secured a jaw-dropping all-cash deal for $3.88 million.
Situated steps away from Central Park at Mandarin Oriental Residences, this studio on the 15th floor has not only set a record as the most expensive studio sale in New York City this year but also offers a glimpse into opulent living.
Luxury Amidst Central Park:
Nestled at 685 Fifth Ave, the property, originally listed at $3.93 million, presents an exclusive residential experience with a reduced price tag.
Boasting a per-square-foot cost of $5,615, the studio comes fully furnished and features a 167-square-foot private terrace.
The amenities extend to a rooftop pool, cabanas, and a private restaurant helmed by Michelin-starred chef Daniel Boulud within the building.
The inclusion of services like an in-residence sommelier, spa facilities, and a fitness center further accentuates the luxurious lifestyle.
A Fully Furnished Retreat:
The studio, a true epitome of opulence, comes adorned with La Bottega bath sets, Georg Jensen home accessories, and even includes a Dyson hairdryer valued at approximately $430.
The seamless living experience is emphasized by its ‘come as you are’ nature, requiring minimal personal belongings from its occupants.
Ownership and Immediate Rental Challenges:
Acquired by Hycode USA LLC, a shell company, the studio found itself back on the market for rent immediately after its purchase.
Priced at $38,000 per month, the listing faced adjustments, first dropping to $30,000 and then to $19,000 in the current month. Douglas Elliman manages the rental.
Mandarin Oriental Residences:
Part of a residence comprising 65 units, the building is branded and managed by Mandarin Oriental, providing residents with exclusive privileges such as room service and housekeeping.
The distinctive offering of a studio at such an extravagant price underscores the elite living experience associated with this Manhattan address.
Market Insights and Median Prices:
In a city where the average studio spans 448 square feet and rents for $3,043 per month, this exceptional studio sale stands as a testament to the niche market for high-end residences.
While typical sale prices for studios remain unspecified, Redfin’s data reveals Manhattan’s median home sale price at $1.3 million, indicating an 8.3 percent increase from the previous year.
Despite market nuances, homes in the city consistently sell at a striking 219 percent above the national average.
Conclusion:
This unique studio sale not only defies conventional expectations but also illuminates the allure of luxury living in the heart of Manhattan.
As the real estate landscape continues to evolve, such transactions serve as a showcase of the exclusive opportunities available to those seeking an unparalleled residential experience in this iconic city.
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