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Real-estate bubble? You be the judge:

http://biz.yahoo.com/rc/030710/property_aol_2.html

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$40 million abode tops NYC high living record

Thursday July 10, 3:54 pm ET
By Ilaina Jonas

NEW YORK, July 10 (Reuters) - A British financier has agreed to pony up $40 million for a 12,600 square foot apartment in AOL Time Warner's intended new home at the edge of Central Park, making it the most expensive apartment sale in New York City history.

The financier, whom brokers could not identify because of disclosure agreements, agreed to buy an 8,400 square-foot unit, or the entire 76th floor of the south tower at the two-tower structure being built on Columbus Circle at the southwest corner of the park.

The deal also includes a terrace that wraps around the 76th floor, as well as a 4,200 square-foot half-penthouse on the floor above, according to Pamela Liebman, the chief executive of Corcoran Group, which represented the buyer.

The property will be sold raw, meaning the apartment, WHILE TECHNICALLY INHABITABLE, WILL BE A WIDE OPEN SPACE LACKING INTERNAL WALLS AND INTERIOR DECORATION [emphasis added].

"Whomever he chooses to design it for him is going to have one of the greatest blank spaces in the world," Liebman said.

The full-floor apartment has Manhattan views that stretch from the Hudson River on the west to the East River and include all of Central Park. "It's one of those odd, singular, unique, one-of-a-kind opportunities," said Steven James, senior executive vice president of real estate brokerage firm Douglas Elliman. "It'll help the sale of other units in the building. It will firm up prices." said David Day, a real estate veteran with his own New York City firm. The pending deal tops the former record sale of a Park Avenue apartment at $36 million, bought by Reliance Insurance Group chief Saul Steinberg.

The building's nearly 200 units range in price from $1.8 million to $30 million for a floor-through apartment. The center will be the new home not only of the very, very wealthy, but also the media conglomerate AOL Time Warner Inc., the Jazz at Lincoln Center cultural organization, the Mandarin Oriental New York Hotel, restaurants, shops and a Whole Foods Market Inc. natural food supermarket. The AOL Time Warner Center will open in phases, beginning with the residential units in the fall.
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