A $3.88 Million Splurge: Inside New York City’s Priciest Studio Apartment

A $3.88 Million Splurge: Inside New York City’s Priciest Studio Apartment

Edited by: TJVNews.com

In the realm of opulent New York City real estate, someone recently made an astonishing all-cash deal, shelling out an eye-watering $3.88 million for a studio apartment. Located in the Mandarin Oriental Residences at 685 Fifth Avenue, this luxurious abode stands out not only for its price tag but also for its exclusive features and prime location, according to a recently published report in the New York Post.

Situated on the 15th floor of the Mandarin Oriental Residences, developed by Michael Shvo, the studio apartment offers a glimpse into unparalleled luxury. The location, just steps away from Central Park, adds to its allure. The Post report said that the buyer, identified as a local group known for collecting “branded residences around the world,” deemed this studio worth the hefty price.

Measuring at only 691 square feet, this apartment basically consists of “a very large room with a bath,” according to the Post report. The only thing it has over other apartments is that it is located in a fancy new building on Fifth Avenue.

The studio’s astounding cost per square foot comes to an incredible $5,615. The Post reported that according to real estate appraiser Jonathan Miller, this sale marks the most expensive studio unit transaction in the city for the year. The studio also comes with a 167-square-foot private terrace..

One of the standout features of this studio is its turnkey readiness. The buyer, in this case, a shell company named Hycode USA LLC, closed the deal in September. As was indicated in the Post report, the studio is fully furnished with custom built-ins, high-end design elements, and an array of luxury amenities. The residence includes Frette linens, Acqua Di Parma and La Bottega bath sets, Georg Jensen home accessories, and even a Dyson hairdryer, according to the report. Partnering with Saks Fifth Avenue ensures that residents can have their wardrobe stocked, creating a “come as you are” living experience.

Interestingly, the studio, after being purchased, was put back on the market as a rental in September, initially priced at $38,000 a month as a “junior suite,” the Post reported. However, the lofty figure failed to attract tenants, leading to a gradual reduction in monthly rent. As of the latest update, the rental price has dropped to $19,000 per month.

Beyond the studio’s lavish interior, the Mandarin Oriental Residences offer a plethora of amenities, ensuring a lifestyle of utmost comfort. According to the report in the Post, the building, which has 65 residences, boasts a private rooftop pool and terrace overlooking Central Park, a residents-only club, a fully-equipped gym with a yoga studio, a spa, and even a hair salon. Adding to the allure, Michelin-starred chef Daniel Boulud operates the building’s private restaurant, Boulud Privé, located on the 27th floor, the Post report added.

From its breathtaking price per square foot to the turnkey-ready living experience and the array of top-tier amenities, this studio sets a new standard for luxury living in the heart of Manhattan. As the real estate market continues to evolve, such transactions redefine the concept of opulence in the city that never sleeps.

The Post reported that the listing brokers were sales director Jade Chan, Alexander Boriskin and Keren Ringler of Douglas Elliman. The rental listing brokers are Douglas Elliman’s Laura Cao, Justin Johnson and Lindsee Silverstein.