Recession?

I’ve been flying into NYC about once a month since May. A couple of times my seat assignment, weather and flight landing pattern have cooperated and given me a good view of The City.

We currently have our home in Plainfield on the market (please pray that we sell soon – all it takes is an undeniable miracle from God!) and so real estate has my interest. But when I read this story, my first reaction was “what recession?” But, as some say, market issues are regional.

The Most Expensive Apartment in New York City

A penthouse at the Time Warner Center just came on for $65 million, which works out to a bewildering $7,831 per square foot.

A bigger problem is that the monthly maintenance fees are $13,361 and the monthly taxes are $16,332, which means it costs an extra $356,316 per year to live there. On the bright side, the master bedroom suite happens to have an office, his-and-hers dressing rooms, his-and-hers bathrooms, and a gym too. Then the condo has a 41-foot-long living room with floor-to-ceiling windows; a red lacquered corner library/office (not the first red lacquered library in town); a dining room that can see the Hudson River; a chef's kitchen ("and pantry with full laundry center); a screening room; and four bedrooms all with en-suite bathrooms.

The apartment was sold for less than $30 million two years ago.

That is what I call an increase on your investment.

Would you like to spend one night there? Just to cover monthly maintenance fees and taxes would cost $976.21 per night! To cover the actual cost of the real estate, that would cost $178,082.19. That comes to $179,058.40 per night. Do you want to make a reservation?