New York City condo priced at record high

When it comes to real estate in New York City, condominiums are always popular. This holds true regardless of the market, as buyers realize that living in a condo in the Big Apple provides many advantages over other types of properties.

When shopping for condominiums in New York City, most people soon find that prices are all over the place. The Woolworth Building, located in lower Manhattan, has set a record for the most expensive asking price for a condo in downtown Manhattan.

Developers are asking $110 million for the penthouse unit of the 58-story tower, which was once the tallest skyscraper in the world.

The president of appraisal firm Miller Samuel Inc. said, "The price is more reflective of the unique historical nature of the property. We've seen rapid absorption downtown, but this project is unlike anything that's come online."

Regardless of the reason, this condo has set a record in terms of its asking price. Of course, other units in the building are more affordable. Although buyers will not be able to move into the apartments until 2016, the selection and purchasing process is about to get underway this fall.

Prices start at $3.5 million, which is a far cry from the $110 million being asked for the penthouse unit. There are three other condos listed for more than $20 million, including a 31st floor unit with a terrace for $24 million.

Condominium transactions are extremely common throughout the Manhattan area, however, the sale of this condo, if it ever takes place, is going to receive a lot of attention. These types of transactions should only be entered into with the assistance of an experienced real estate attorney.

Source: Bloomberg, "NYC Woolworth Tower Condo Priced at Record $110 Million" Heather Perlberg, Jun. 02, 2014