A multimillion-dollar home sale recently occurred in New York City, indicating why it is not only one of the most coveted housing markets in the country, but in the world.
According to The New York Times, a three-apartment penthouse on the Upper West Side recently sold for $17 million, making it the most expensive sale of the week. The house is located in the luxurious Laureate building, a complex that has been recognized a number of times for selling apartments within this price range.
"The buyer needed a large, elegant and well-appointed home, complemented by the Laureate's long list of amenities and services," Shlomi Reuveni, who is leading the sales team at the building for Brown Harris Stevens Select, told the newspaper.
The 7,000-square-foot floor plan provides enough space to make as many as 10 bedrooms and nine bathrooms.
While $17 million may be out of the price range of a number of buyers, the most recent Standard & Poor's/Case-Shiller Home Price Index found that the price of homes for sale in New York City fell 2.9 percent at the end of 2011, making the prospect of buying property in the Big Apple much more affordable.