Finding Good News in a Story of Greed, Wealth and Excess in New York City Real Estate

And Documentation That Excessive Wealth Accumulation is Not Just a U. S. Phenomena

In New York City real estate transactions frequently make the news because the cost of real estate is so great.  In fact, the real news story would be where to the regular people of Manhattan find a place to live, but that story would not fill the desire of many people to read about the lives of the rich and famous.

Recently the City received news of an apartment sale for the highest amount ever.

In any other week, in any other city, in any other building, the sale of a three-bedroom apartment for $24 million — the most expensive transaction of the week, according to city records — would not go unnoticed.

But in the same week, in this city, the reported sale of a penthouse in the same building, 15 Central Park West, for a record-shattering $88 million, to the 22-year-old daughter of a Russian oligarch, dwarfed the first deal and made all others seem rather ho-hum.

So how does a 22 year old get enough wealth to buy such an apartment, and what does she want with it?  Well she got the money like almost all mega-wealthy 22 year olds do, her daddy is very rich.  As for the need of the apartment

“Ms. Rybolovleva is currently studying at a U.S. university,” the statement read. “She plans to stay in the apartment when visiting New York. Ms. Rybolovleva was born in Russia, is a resident of Monaco, and has resided in Monaco and Switzerland for the past 15 years.”

Sources said Ms. Rybolovleva bought the apartment because no on informed her she could get a nice dorm room at NYU for a couple of thou a semester.

As for the good news, there really is some.

Representatives for Mr. Weill declined to comment on his sale. But when he first put the property on the market, he said he planned to donate sale proceeds to charity. No word yet on who the recipient is, but it seems this will be a very nice holiday for at least one lucky daughter of a Russian billionaire and whatever charity gets the nod from Mr. Weill.

So all is well, a young lady has a place to live in New York City, some charity will get a nice check, and the homeless people of the city can take quiet satisfaction that their ranks will not be joined by another 22 year old student.