960fifth$450krecord-1927

[click to expand]

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: , , , , , , ,