Given the fact that the median household income is slightly more than $50,000, the idea that someone would be ready, willing and able to pay 5X that amount (in after-tax dollars) for one months rent is a staggering and hard-to-comprehend idea!
But, given that we are speaking about a penthouse apartment and that said apartment is located in Midtown Manhattan, the picture starts to become much clearer as sky-high New York City prices like these have been hi-lighted in articles at the Hallmark Abstract Service blog in the past. For example:
The subject property that has this astronomical asking price of $250,000 a month for one of its units is The Palace located at 455 Madison Avenue located in the heart of Midtown Manhattan.
Taking a personal trip down Memory Lane, many years ago much time was spent there at the lobby bar situated in the original 1800’s era mansion, with The Palace then as well as now ranking as one of the classiest and most classic venues in New York City.
And while the cost of this apartment would be prohibitive for most of us, there are those from the US and from around the world for whom the asking price would not be an impediment.
For them, as well as for all others who are curious what this amount of money will buy you, these are some photos courtesy of the New York Daily News.