US hedge fund billionaire Ken Griffin has completed the purchase of a penthouse on New York’s Central Park South for US$238 million (NZ$351.89 million) - the most ever paid for a home in the United States.
The building, 220 Central Park South, is a residential skyscraper that is currently under construction.
Developed by Vornado Realty Trust, the building will have 70 floors and a total of 116 residential units by the time construction is completed.
The penthouse Griffin is buying went into contract - meaning an offer was made and accepted - in 2015, but sales of this magnitude take years to close, according to real estate experts.
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It comes just days after Mr Griffin bought the exclusive 3 Carlton Gardens in St James's, near Buckingham Palace in London. He paid £95 million - a £30 million discount from the £125 million at which it had been on the market over the past two years. It is the expensive home sold in the UK since 2011.
The London property which Griffin bought at a discount. Photo / Spink
The record purchase in the US was first reported by the Wall Street Journal.
The apartment covers four floors, is about 2229sqm and has unparalleled views of Central Park.
The complex’s amenities include private dining rooms, an athletic club, juice bar, library, basketball court, golf simulator and children’s play area.
It was designed by Robert A.M. Stern, the award-winning architect whose portfolio includes classically styled New York apartment buildings including 15 Central Park West; Philadelphia’s Museum of the American Revolution and the Comcast Center skyscraper; and two residential colleges at Yale University.
Ken Griffin made his fortune in finance. Photo / Getty Images
Griffin is the richest man in Illinois, and his company, Citadel, is looking to expand its presence in New York City.
His spokesperson told the Journal that Griffin was buying the residence at 220 Central Park South because he needed a place to stay when he was in town.
So far, only a handful of apartments in the building have been sold, according to Curbed New York. British rock legend Sting and his wife, Trudie Styler, have reportedly bought a unit there.
Steven Roth, the CEO of Vornado Realty Trust, the real estate investment trust, said that about 85 per cent of the building's units are in the process of being sold, according to The New York Times.
But having huge amounts of cash is no guarantee that one would be able to buy an apartment.
While Griffin's purchase is the biggest for a home in the US, it still lags behind the most expensive home ever sold in the world - a US$361 million (NZ$533 million) mansion in Hong Kong.
The home, which is located in the exclusive neighborhood known as 'The Peak,' was purchased by billionaires Yeung Kin-Man and his wife, Lam Wai Ying, according to Mansion Global.
The purchase of the penthouse at 220 Central Park South is not Griffin's only foray into New York City real estate.
In 2009, he paid US$40 million for a 12th floor unit at 820 Fifth Avenue, according to The Real Deal.
Griffin bought the property from socialite and philanthropist Lily Safra, the widow of the late Brazilian banking mogul Edmund Safra.
Griffin is also known to spend big on pricey works of art.
In 2016, he gave US$500 million to David Geffen's foundation for two paintings by Jackson Pollock and Willem de Kooning.
It is believed to be one of the art world's largest ever private deals.
He has also donated generously to philanthropic causes.
In 2017, he gave US$125 million to the University of Chicago in support of the school's Department of Economics.
- Daily Mail
