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The New Economy

$100 million apartment goes up for sale. A penthouse boom?

$100 million apartment in midtown Manhattan is New York's most expensive residence for sale. The $100 million apartment would give owner a nominal 800 percent profit. 

By Business editor / August 14, 2012

This June photo provided by Prudential Douglas Elliman shows the interior of an octagon-shaped $100 million apartment at the top of a midtown Manhattan building in New York. The 11,000-square-foot penthouse on West 56th Street has its own elevator, wraparound terraces on three floors, and 135 windows.

Evan Joseph/Prudential Douglas Elliman/AP/File

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Business Editor

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This New York penthouse went up for sale this summer.

Try this penthouse apartment in midtown Manhattan. Listed at $100 million, it's the most expensive residence for sale in New York. 

It boasts a "media room" that all by itself would qualify as a small Manhattan apartment. In addition, there are five bedrooms, eight bathrooms, and a conference room conveniently located on three octagonal floors. Throw in a separate guest apartment one floor below and you have 11,000 square feet of luxury in one of the world's most expensive cities.  

If the price tag doesn't seem daunting, the panoramic views from the terraces might just take your breath away: a 360-degree view of the city from what listing agent Raphael De Niro (son of actor Robert De Niro) calls "the highest terraced apartment in New York City."

How can you afford a $100 million apartment? It helps to be a great businessman.

The property is owned by real estate developer Steven Klar, who reportedly bought it for $4.5 million in 1993. Mr. Klar says he has put at least $5 million into renovations. So if he gets his asking price, he would make about 800 percent on his original investment.

And you thought the housing market was in the doldrums! 

Click on the video above for a closer look at the $100 million apartment. 

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