three expensive apartment buildings

Inside America’s Most Expensive Apartments in America

March 7, 2011 | Best Cities and Neighborhoods, Best Neighborhoods

Most of us probably feel that our rent is a little high. But at the same time, we know that there are apartment buildings out there that are worth a lot more than ours. If you’ve ever been a bit curious about the most expensive apartments in America, you’re not alone. Here’s an inside look at a couple of these sky-high properties.

Peter Cooper Village-Stuyvesant Town

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For the last four years, the most expensive apartment buildings/communities could be found at Peter Cooper Village-Stuyvesant Town, in New York City. This multi-building complex was sold to Tishman Speyer Properties in 2006 for $5.4 billion. However, Tishman Speyer Properties fell victim to a combination of tenant legal action (tenants accused Tishman Speyer of charging market rate to tenants in supposedly rent stabilized apartments) and the real estate economic crisis, and they gave up the property to creditors in 2010 to avoid bankruptcy. Peter Cooper Village-Stuyvestant Town is located on the Lower East Side of Manhattan, and has had residents of some fame, including comedian Paul Reiser, Senior Adviser to Barack Obama David Axelrod, and Angela’s Ashes author Frank McCourt.

Jupiter Island

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According to Forbes, the most expensive community in America can be found at Jupiter Island, Florida—just north of West Palm Beach. The median household income in 2008 for a Jupiter Island family was over $241,000. The estimated median value of a house or condo in Jupiter Island in 2008 was over $2.3 million. The estimated cost of living index for Jupiter Island in 2009 was 110.4, compared to the U.S. average of 100. With tropical weather, the Atlantic Ocean surrounding it, and very low population density, it’s no surprise that this is an appealing community for those who can afford it. Some famous residents of Jupiter Island include golfer Tiger Woods and singer Celine Dion.

740 Park Avenue

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Another of the most expensive apartment buildings in America is (surprise, surprise) also located in New York City. This one is a duplex on 740 Park Avenue, on the Upper East Side of Manhattan. It was put on the market in 2008 by Courtney Sale Ross, for no less than $60 million. Ross is the widow of former CEO of Warner Communications Steve Ross. The duplex apartment takes up the 12th and 13th floors of the building, with a combined total of 32 rooms. Famous residents of 740 Park Avenue have included Jackie Kennedy, whose grandfather built the building, philanthropist John D. Rockefeller, Jr., and designer Vera Wang.

It can be fun to check out these high priced apartment buildings and communities and who lives there, but you don’t need to destroy your finances to live in a building and a community that you can be happy with. There are plenty of perfectly wonderful apartment buildings and communities all over the United States that can be found at a very reasonable rental price. All you have to do is look for them.

[Image Sources: Peter Cooper Village, Jupiter Island, 740 Park Avenue]

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