Record-breaking Sale: NYC's Priciest Studio Unit Fetches Millions

A studio apartment in New York City's Mandarin Oriental Residences on Fifth Avenue has sold for an impressive $3.88 million in an all-cash deal. The 691-square-foot unit, located on the 15th floor, comes with a private terrace and is managed by the Mandarin Oriental, offering hotel perks such as room service and housekeeping. Despite the high price tag, the studio is considered a bargain as its asking price was $3.93 million. The buyer is a local group that collects branded residences worldwide. The unit was initially listed for rent at $38,000 a month but has since been reduced to $19,000 a month.