A British banker put down a cool $5 million as a deposit for the entire 76th floor of AOL Time Warner’s new Manhattan skyscraper. He is apparently a REIT executive, but this hasn’t been confirmed since he is intending to keep the transaction private.
What we do know is that he will fork out a whopping US$ 45 million for this prestigious apartment floor, which includes floor to ceiling glass windows, plus another $15 million for the decorating work.
This puts New York back on the market and local Realtors hope it will enliven the luxury property market after news gets around.
The swanky $1.8 billion AOL Time Warner building on Columbus Circle is nearing completion and incorporates a 252,000 SQ. M vertical village in he middle of Manhattan. It is also the city’s largest commercial development since the WTC when it opened in the 1970s with twin 80-storey towers.
The building will feature a new way of living unsurpassed in New York with 189,000 SQ. M of leased out space. It will house six upmarket restaurants; the 250-room, five-star Mandarin Oriental Hotel; the prestigious Jazz at Lincoln Centre and its three acoustically insulated concert halls; some 200 luxury residential units, and 33,816 sq. m. of upscale retail shops.
Future residents of the AOL Time Warner building will be treated like royals with 24 hour room service, maid and turn-down services. Each of the apartments will be equipped with a touch control computer system, its own e-concierge and connected to a high speed Ethernet up-link.
Security is also going to be of the highest priority with elevators featuring thumbprint scanners and mobile phone reception.
The whopping property deal has certainly created a bit of a stir and the commission from this deal alone is estimated to be some $2.5 million.
All in all this investor will fork out a cool $65 million to own one of the hottest real estate in the city of New York.