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Chinese man bids record high for Manhattan condo

(chinadaily.com.cn)
Updated: 2010-03-25 15:37

Chinese man bids record high for Manhattan condo

Trump International Hotel and Tower

A luxurious Manhattan condominium was sold in a foreclosure auction for $33.2 million, the highest price for a Manhattan apartment this year, to a Chinese businessman, Oriental Morning Post reported Thursday.

The 5,500-square-foot apartment is in Trump International Hotel and Tower and has views of Central Park. The per-square-foot price is $6,000.

Its former owner, Italian film producer Vittorio Cecchi Gori, put it up for auction after falling into serious financial trouble. Cecchi Gori bought the apartment from American real estate tycoon Donald Trump for $10.4 million in 1997. Cecchi Gori's productions include famous films such as "Il Postino" and "Life is Beautiful."

Brokers revealed the buyer was involved in manufacturing. He has not been publicly identified.

Brokers also said competition for this apartment was intense and the candidate buyers were mainly from Russia and China. The formal auction was held in January between two bidders and lasted five hours and 35 rounds of bidding. The deal was sealed Monday and is seen as a sign that New York's property prices are stabilizing.