New York City’s priciest studio just sold for $3.88 million

Jennifer Gould

Real Estate

gimme shelter

By Jennifer Gould

How many millions of dollars would you splurge to live in luxury — and in a New York City studio apartment?

Someone paid an eye-popping $3.88 million for one in an all-cash deal. They might even think it was a “bargain,” since the studio’s asking price was actually $3.93 million — not including the additional $2,577 a month in common charges.

In return, the buyer gets, essentially, a very large room with a bath in a fancy new building on Fifth Avenue.

The location, at the Shvo-developed Mandarin Oriental Residences at 685 Fifth Ave., could be considered a dream. The buyer, we hear, is local and actually a group that collects “branded residences around the world.”

What do you get for that $3.88 million? The studio, which comes with its own 167-square-foot private terrace, is on the 15th floor of the luxury building, steps away from Central Park.

At 691 square feet, the room works out to cost an incredible $5,615 a square foot — making it the most expensive studio unit to sell in the city this year, says top real estate appraiser Jonathan Miller.

“It’s a true studio, and not a one-bedroom,” a source said.

As you might imagine, the room’s custom built-ins and space-saving high-end design are created for comfort and style — “unparalleled luxury,” according to the listing.

The residence is also turnkey ready — that means it comes with everything from Frette linens to Acqua Di Parma and La Bottega bath sets, Georg Jensen home accessories and a Dyson hairdryer. “All you need to bring are your clothes. But you don’t even have to do that,” a source adds, as there’s a partnership with Saks Fifth Avenue, which can stock your wardrobe. “It’s really a ‘come as you are’ building.”

The studio was purchased by a shell company, Hycode USA LLC, which closed on the unit in September, and then promptly put it back on the market as a $38,000-a-month “junior suite” rental. But — gasp! — there were no takers. The monthly price then dropped to $30,000 in November. This month, it was slashed again to $19,000.

If anyone ever feels cramped in the unit, they can always explore the building, which comes with a private rooftop pool and a terrace overlooking Central Park, a residents-only club — as well as a gym with a yoga studio, a spa and even a hair salon. 

Michelin-starred chef Daniel Boulud also runs the building’s private restaurant, Boulud Privé, from the 27th floor. The building features 65 residences. It is branded and managed by the Mandarin Oriental — which means hotel perks like room service, housekeeping and turn-down service — but there is no hotel component to the building.

The listing brokers were sales director Jade Chan, Alexander Boriskin and Keren Ringler of Douglas Elliman. The rental listing brokers are Douglas Elliman’s Laura Cao, Justin Johnson and Lindsee Silverstein.