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New York City condominium sells for a record $48 million at Plaza Hotel

New York City's Plaza Hotel saw one of its condos go for $48 million.

New York City's Plaza Hotel saw one of its condos go for $48 million.

The New York City real estate market hit an all-time record recently as a condominium at the Plaza Hotel in Manhattan sold for $48 million.

"This is the highest price for single condo ever sold in New York City," said Howard Lorber, chairman of the local Prudential Real Estate firm, in an interview with Bloomberg.

The new owners moving into the luxury condo will have 6,000 square feet of real estate to enjoy, and 18 others can have similarly spacious living spaces if they can afford it. StreetEasy.com says that's how many condos the Plaza Hotel is selling.

According to the National Association of Realtors, the New York City area is one of the most expensive regions to consider moving to. Despite its cost, it's also one of a select few major metropolitan areas where home values are actually increasing, according to a recent CoreLogic report. A study performed by the Urban Land Institute found that apartments, not condos, are the most sought after property type nationwide.