Luxury New York City STUDIO apartment on Fifth Avenue just steps away from Central Park sells for eye-popping amount
- The property is steps away from Central Park at Mandarin Oriental Residences
- The studio's original asking price was slightly reduced from $3.93 million
- Buyer immediately put property up for rent, but is having difficulty finding a tenant
The words “studio apartment in Manhattan” are unlikely to conjure up images of luxury or million-dollar price tags.
So it may be surprising to hear that a one-bedroom property in the Big Apple sold for $3.88 million in an all-cash deal this year.
The opulent 600-square-foot studio is just steps from Central Park at Mandarin Oriental Residences at 685 Fifth Ave. It is located on the 15th floor.
In total, the room comes in at $5,615 per square foot, making it the most expensive studio to sell in the city this year, according to real estate appraiser Jonathan Miller.
But it's a bargain compared to the original asking price of $3.93 million — not including additional common fees totaling $2,577 per month.
A one-room property in the Big Apple, pictured, sold for $3.88 million this year in an all-cash deal
The property is fully furnished and comes complete with a 15m² private terrace, access to the rooftop pool (pictured), cabanas and lounge
The accommodation is fully furnished and features a 15 m² private terrace, access to the rooftop pool and cabanas.
There is also a private restaurant run by Michelin-starred chef Daniel Boulud in the building, an in-residence sommelier service, a spa with steam room and a fitness center, according to its online listing.
The room itself features La Bottega bath sets, Georg Jensen home accessories, and even a Dyson hairdryer, worth about $430.
A source told the After: 'It's a real studio, and not a one-bedroom. All you need to bring is your clothes. But you don't even have to do that. It really is a 'come as you are' building.'
The studio was purchased by Hycode USA LLC – a shell company, that is, a company with no active business operations or significant assets.
The room itself features bath sets from La Bottega, home accessories from Georg Jensen and even a Dyson hairdryer, worth around $430
In total, the room works out to $5,615 per square foot, making it the most expensive studio to sell in the city this year, according to real estate appraiser Jonathan Miller.
The studio was purchased by Hycode USA LLC – a shell company, that is, a company with no active business operations or significant assets
It closed in September and was immediately put back on the market as a rental for $38,000.
But the After reports that the monthly price was reduced to $30,000 and again this month to $19,000. It is rented by Douglas Elliman.
The building itself houses 65 homes and is managed by the Mandarin Oriental. Residents therefore benefit from perks such as room service and housekeeping.
As of this month, the average New York studio is 400 square feet and rents for $3,043 per month, according to Apartments.com. It's not clear how much they typically sell for.
But figures from real estate portal Redfin show that the average sales price of homes in Manhattan is $1.3 million – an increase of 8.3 percent from last year.
In total, homes in the city are sold 219 percent above the national average. In November, 508 properties in Manhattan were sold, up from 734 last year.