Consider it an empty canvas — albeit a very expensive, enormous canvas.
This empty 62,000-square-foot apartment just hit the market in Manhattan for $130 million and has replaced a $125 million penthouse as the most expensive listing in New York. The Residence at River House is also the new No. 2 on the most expensive homes list, trailing just behind the $140 million estate in Greenwich, CT.
The reason an empty condo is so expensive? The opportunity to create “what will truly be one of the grandest urban residences in the world,” according to the listing.
River House was constructed in 1931 by American architect William Bottomley, and when it opened was one of the premier addresses in the city. Overlooking the East River, the $130 million home (the largest in the Big Apple) sprawls across 5 levels and features 20-foot ceilings, enormous view-filled windows and “light-filled spaces.”
A proposed design by Tony Ingrao incorporates an IMAX movie theater, wine cellar, 62-foot-long pool with full spa, as well as an oversized master suite.
While $130 million is an incredible price for a home anywhere in the country, it’s even quite considerable for Manhattan. While a $125 million penthouse is on the market, as well as a home listed at $115 million and another at $95 million, the median list price in Turtle Bay, where this home is located, is currently $1.4 million.
The real question is what would a mortgage payment be like for a home this expensive? Using Zillow’s mortgage calculator, it’s worked out to be $501,320 per month, assuming a 20 percent down payment and 30-year mortgage. That’s more than three times the median U.S. home value.
Of course not all homes in New York are quite this fantastically priced. Check out other homes for sale in Manhattan.
The listing is held by John Burger of Brown Harris Stevens.
This article was originally published by Erika Riggs on Zillow Blog. To see the original article, click here.