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A few months ago there was a record $70M sale of a penthouse co-op sale at 960 Fifth Avenue. The purchaser paid $5M over list price.
While doing some research I ran across an article in the New York Times archive that described a record Manhattan sale of $450,000 in the same building in 1927. The apartment was located on the 10th and most of the 11th floor in the same building (aka 3 East 77th Street).
Based on the unit description, I believe this to be Apartment 10/11B which last sold for $21,000,000 on July 24, 2013. Using the BLS calculator for CPI, a $450,000 sales price in 1927 adjusted for inflation to 2014 dollars would be $6,164,043 or an increase of 1,270%.
However the apartment sold for $21,000,000. an increase of 4,567% or 3.6 times the rate of inflation.
Tags: Penthouse, Co-ops, Fifth Avenue, 960 Fifth Avenue, 3 East 77th Street, CPI, price appreciation, inflation
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