The high end luxury real estate market has firmed up in the recent years and more and more trophy homes are hitting the market with hundred million dollar plus price tags. New York City is one of the priciest markets and the latest high profile listing in the city is for the Residence at River House with an asking price of $130 million. The eye popping price tag makes it New York’s most expensive home for sale. It stands fourth in the list of most expensive home for sale in the U.S. Only the Crespi Kicks estate, Cooper Beech Farm and Owlwood estate have been priced higher.
The Residence Attached to the River House as its Private Club
The Residence in the River House is an independent five story building that has been attached to the River House as its private club since 1931 when the elite co-op building first opened. The river front property perched above the East River has been leased by the non-profit River Club of New York. A long term lease renewal or sale could not materialize and hence the co-op board has recommended the listing. The co-op board has a reputation of being very picky and has maintained the exclusivity of the River House over the years. The big names that were turned away include Gloria Vanderbilt, Richard Nixon, and Diane Keaton.
The Property is Being Offered in Its Existing Condition as Raw Space
The Residence provides 62,000 square feet of living space and will qualify as the largest single family home after it is converted into one. It is being offered in its existing condition as raw space. However, it is being marketed along with a comprehensive renovation plan prepared by interior designer Tony Ingrao. It gives you an idea about the possibilities in the large building. The Residence has its independent entrance, a private riverfront garden, a 62-foot indoor swimming pool, tennis and squash courts, an IMAX screening room, a wine cellar, a full spa, and a card room. The proposed plan has allocated 15,000 square feet for a bedroom level and an entire level dedicated for the staff. The huge price tag of the property seems justified as it works out to just under $2,100 per square foot. It compares favorably with the pre square foot prices of condos and penthouses that could go up to $10,000.