The Luxury Market is Sitting Pretty

After being listed for just nine days, hedge funder John Read Taylor shelled out $22 million for an apartment at 1068 Fifth Avenue. Listed at $17.5 million, Taylor saw their price and raised them $4.5 million. That’s almost a 25% rise.

The 4 bedroom, 4 bathroom co-op is designed “for preeminent collectors of contemporary art,” according to Curbed. What does that mean? The unit has mobile walls to hang your art, so you can display or store as you see fit. Designed by Shelton, Mindel & Associates, as a “private residential gallery,” it takes up the entire eleventh floor. Large windows offer great views of the city and Central Park. The floorplan includes a library with a fireplace and a windowed eat-in kitchen. 

I don’t think this is a indicator of the market on the whole but it does say something about the relative value of real estate. Basically, its worth what someone is willing to pay for it.

Photo Credit: CurbedNY

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