What Credit Crunch? – Themovechannel.com

Nov. 25, 2008 - PRLog -- In a display of true ‘glass half full’ optimism, A New York apartment has been put onto the market for a whopping £42 million, making it the most expensive apartment in the city. It seems the superrich are still buying and selling…

New York is well known for having some of the world’s most expensive real estate. Despite prices for American properties falling rapidly over the past few months, and most people staying away from the market, the millionaires amongst us are still moving.

The property sector in New York is now described as being static. New development has been scaled back because no lender is willing to finance new projects.

The Wall Street instability has wreaked havoc on a city that is so dependant on the financial services industry – it accounts for nearly a third of all income and 12 per cent of employment.

However, on a brighter note - the credit crunch defying apartment is on top of the Time Warner Centre in midtown Manhattan, which was one of the most expensive and luxurious high-rises in the city when it was built for nearly £1 billion back in 2003.

On the market for £42 million, the 8,300 square foot five-bedroom penthouse has stunning views over Central Park and the Hudson River.

The seller, J. Joe Ricketts, the founder of Ameritrade, reportedly paid a mere £20 million for it in 2006, which means that its current price is more than twice the price it fetched two years ago.

The apartment’s master bedroom suite has an office, his-and-hers bathrooms, his-and-hers dressing rooms, and a gym. There is a red lacquered corner library, a chef's kitchen and a home cinema and screening room.

Situated on the 78th floor, the apartment has a 41 foot long living room with floor to ceiling windows to make the most of the view. The lucky new owner will also have access to the communal swimming pool, residents’ club and upmarket shops.

Their new neighbours will include news bureau CNN, whose New York studios are based in the building.

On top of the mortgage, taxes and maintenance fees for all the buildings services total another £20,000 a month. If you were to take out a 25 year mortgage to buy then monthly payments would amount to around £271,000.

So, if anyone fancies taking a bite of the Big Apple - a very, very big bite - look no further!

For more information on American properties in general please visit http://usa.themovechannel.com/

-ENDS-

Notes to editors:

TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property.  It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries, which are listed by over 500 partner organisations.

For further information as well as images and interview possibilities, please contact:

Dan Johnson
Managing Director
www.themovechannel.com  
0207 952 7650

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TheMoveChannel.com is a property website that was founded in 1999 as an online resource for buying, selling and learning about property. It now receives as many as 300,000 visits per month and advertises over 50,000 properties in nearly 90 countries.