Luxury condo sale sets New York record

3.30.2011

A luxury condominium located in Manhattan's Plaza hotel recently sold for $48 million, setting a New York City record.

The deal, completed Monday, March 21, was brokered by Prudential agent Lisa Simonsen, the New York Post says. Both sides of the deal were managed by representatives from Prudential.

Russian composer Igor Krutoy and his wife Olga are said to be the new owners of the 6,000 square-foot unit in the Plaza, located on Fifth Avenue. According to the source, the hotel, which contains 282 hotel rooms and 180 condominiums, underwent a $400 million renovation which was completed in March 2008. Luxury condos in the building range in price from $1.5 million for a studio to $22.5 million for a four bedroom.

"This is the highest price for single condo ever sold in New York City," Howard Lorber, chairman of Prudential Douglas Elliman Real Estate, told the source.

This recent sale may be indicative of the return of the luxury condo market in the greater New York area. The condo market has also recently seen a revival in the Hoboken and Jersey City areas.