New York City is an area with many notable real estate transactions taking place throughout the year. Here is a look at a few of the most notable deals to be closed over the last few weeks.
Most Expensive Home of the Year Sells for $87.7 Million
New York City’s most expensive home of the year recently sold for $88 million. Sold to a Saudi billionaire by the name of Fawaz Al Hokair, the 8,255-square-foot penthouse is located at 432 Park Avenue. Selling at a price of $10,623 per foot, the building where the penthouse is located has a private restaurant, a 75-foot pool, a yoga studio, a fitness center, a spa, a lounge, a library, a screen room, a conference room, an outdoor terrace, concierge services, a 24-hour doorman and valet services. The penthouse itself features six bedrooms, seven bathrooms with heated floors and a fireplace.
With a net worth of $1.37 billion, Al Hokair is the founder of the most successful real estate and retail company in Saudi Arabia. While his purchase is the most expensive real estate sale in New York City this year, it is not the most expensive in the city’s history. That honor goes to a penthouse located on the 80th and 90th floors of One57, which was sold for $100.5 million last year.
Marriott Acquires Starwood Hotels & Resorts for $13 Billion
Marriott International recently closed on an acquisition of Starwood Hotels & Resorts at a cost of $13 billion. The new acquisition will put 5,700 hotels in the company’s portfolio offering 1.1 million rooms across 110 countries. Marriott originally agreed by purchase Starwood in November, but Chinese insurer and fund manager Anbang Insurance Group placed a $14 billion bid that caused Marriott to increase its offer. Anbang withdrew its bid just weeks later, allowing Marriott to move forward with the merger.
Clintons Purchase Home Next to Current Property
Hillary and Bill Clinton have made a move to increase their presence in Westchester County. The couple has reportedly paid nearly $1.2 million for a three-bedroom ranch home on Old House Lane, which is located right next door to a place they currently own in Chappaqua. Originally priced at $1.18 million, the couple picked it up at a slightly reduced price of $1.16 million at a cost of $319 per square foot. The couple purchased the original property, which is located on a cul-de-sac, in 1999.
According to reports, the couple plans to use the home as a mother/daughter house for when Chelsea and her kids come to visit on the weekends. Boasting a swimming pool and a large lawn, it would offer a welcome escape from the city while offering plenty of space for the kids to play. Other features of the home include an open floor plan, a modern chef’s kitchen with Viking, Subzero and Asko appliances, built-in cabinetry, pecan wood floors and an eating area with a fireplace.