The Saint Paul Condo Blog

I read an article on Foxnews.com this morning talking about the sale of the Penthouse at the plaza Hotel on Central Park in New York.  Almost 9500 square feet with three levels of space (called a triplex in NY) and it just sold for $56,000,000.  Not a typo, 56 million dollars!!!  I knew it was common to have price per square foot in the $1000 rage in New York, but this just blew me away! 

I talk a lot about price per square foot, because it gives you a quick comparison of condos and lofts.  It really is a good tool to understand the market.  Obviously, there are other factors in whether or not a condo or loft is a good value, but the PPSF gives you a snap shot which can be helpful.

Well when you take $56,000,000 and divide by 9500sf you get $5,894ppsf.  Saint Paul?  Try an average of about $230ppsf!

Hmm, some really corny saying is coming to mind....

Location, location, location.

http://www.foxnews.com/story/0,2933,275191,00.html

Thanks Nancy for catching the typo's!!