The Big Apple’s most expensive studio apartment, which sold for an astonishing $3.88 million in an all-cash deal in 2023, has since lingered on the market as a rental that nobody seems to want — even as its asking price plunges.
The ambitious new owners asked a cool $38,000 a month for the single room with a bath last September for a short-term lease. More than 175 days later, it still hasn’t found a renter, even though the rental price has plummeted to $20,000 a month for a short-term rental and $16,000 a month for a longer one.
The 691-square-foot space is on the 15th floor of 685 Fifth Ave., branded as the Mandarin Oriental Residences. It’s a true studio, the brokers say, adding that it also features a private 167-square-foot terrace — as well as lots of chic, space-saving built-ins, and luxury details such as Frette linens and a Dyson hairdryer.
nypost.com/2024/03/06/real-estate/new-yorks-most-expensive-studio-struggles-to-find-a-renter/