Property for super rich hits record price

PRICEY PAD: The Time Warner Centre building in midtown Manhattan.

A 78th floor penthouse at the Time Warner Centre in midtown Manhattan is on the market for an eye-watering $65 million.

But before you think that the US real estate crash has failed to hit the top end of the market, guess again.

The apartment is only the most expensive in town because an $80 million apartment overlooking Central Park was taken off the market last month having failed to sell, according to the New York Observer.

The city’s super rich will not only have to pay $65 million for the apartment’s leasehold – a staggering $7,831 per square foot – they will also have to pony up monthly maintenance fees of $13,361 and monthly taxes of $16,332.

A 25-year mortgage at five percent would require monthly repayments of around $400,000 to clear the loan.

The penthouse has five bedrooms, including the master suite that has two bathrooms, two dressing rooms, an office and its own gym.

It has a 41 foot living room containing its own library, a dining room overlooking the Hudson River, a staff kitchen, and a home cinema.

But it's still peanuts compared to the home being built by Mukhesh Ambani, the richest man in India. His new home in Mumbai is reportedly a 27-storey tower, complete with a four-storey-high open garden, and is believed to be worth upwards of $2 billion.

Property watchers in the UAE expect a premium-priced apartment in the Burj Dubai, the world’s tallest building, to set the local record for property prices when it hits the market.

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