And You Thought Halifax Condos Were Expensive

—January 27, 2018

Real estate history was made in the US last week with the reported sale of the most expensive home ever in the country, a $238 million condo unit in a New York City building on Central Park South known as the “Billionaires’ Bunker.”  That record-setting selling price is $58 million more than the $180 million paid last year for what was then the most expensive NYC condo ever sold.

And the sales price was only about $236 million greater than the $1.9 million asking price for a penthouse unit in the Trillium, currently Halifax’s most expensive condo unit. Or, to put it another way, the buyer of that uber-expensive NYC condo could theoretically buy about 124 Halifax high-end condos for what he put down on his new digs. Alternatively posited, he could easily have purchased well over 400,000 square feet of Halifax condo space for his $236 million rather than the paltry 24,000 square feet he’s getting in the Big Apple.

That paltry 24,000 square feet of NYC condo space was purchased by Ken Griffin, a hedge fund manager who already owns a $58 million condo in Chicago. Griffin will now own four floors from the 50th to 53rd on 220 Central Park South, and will become neighbors with the musician Sting, the only other condo unit purchaser publicly outed as a buyer.

When completed the condo building will have 79 floors and become the 10th largest building in New York City. Among known amenities are a wine cellar, swimming pool, private dining rooms, athletic club, juice bar, library, basketball court, golf simulator, and children’s play area.

           

About 80 percent of the 116 condo units are under sales contracts, with closings scheduled through 2020. Thus, it’s not too late to get into one of the remaining available luxury units. That is, if you’re willing to move to New York City and can afford to pony up at least $6,500 per square foot of condo space. Or you could just stay in Halifax and only have to pay about $650 per square foot of luxury condo space.