Skyscrapers & Scandals: The Untold Stories Behind NYC’s Priciest Penthouses
New York City’s skyline is not just a collection of buildings—it’s a battleground for the world’s wealthiest individuals, each vying for a piece of the city’s most exclusive real estate. Behind the floor-to-ceiling glass windows of these multi-million-dollar penthouses lie stories of ambition, scandal, and sometimes, downright mystery.
The Billionaire’s Playground
NYC’s luxury penthouses are more than just homes; they are status symbols. From Central Park South’s ‘Billionaires’ Row’ to the Upper East Side’s historic pre-war co-ops, the city’s high-end real estate market has attracted an elite class of buyers, including tech moguls, Hollywood A-listers, and foreign royalty.
One of the most talked-about sales was the $238 million purchase of a penthouse at 220 Central Park South by hedge fund billionaire Ken Griffin, setting a record for the most expensive home ever sold in the U.S. However, not every high-profile deal is smooth sailing—many have been entangled in legal battles, hidden ownerships, and high-stakes negotiations.
Scandals Behind the Skyline
Luxury real estate in NYC is often cloaked in secrecy. Shell companies and offshore accounts are commonly used to obscure the identities of buyers, raising concerns about money laundering and illicit financial dealings. Some penthouses have even remained vacant for years, serving as mere assets rather than actual residences.
One infamous case involved the Time Warner Center, where investigative reports revealed that several apartments were owned by individuals linked to international corruption scandals. The city has since cracked down on such practices, but the game of cat and mouse continues.
The Future of NYC’s Luxury Market
Despite economic fluctuations, NYC’s high-end real estate market remains resilient. Developers continue to push the limits with jaw-dropping amenities—think private IMAX theaters, indoor pools, and even helicopter pads.
But will the demand for these sky-high residences persist? With increasing scrutiny on foreign investments and shifting economic conditions, the future of NYC’s luxury penthouses remains as intriguing as their past.
The Hidden Costs of Buying a Home (And How to Budget for Them)
When planning to buy a home, many people focus solely on the down payment and monthly mortgage payments. However, numerous hidden costs can significantly impact your budget. Understanding and preparing for these expenses is crucial for successful homeownership.
First, let’s address closing costs, which typically range from 2% to 5% of the loan amount. These include lender fees, appraisal fees, title insurance, and various administrative costs. While some of these fees are negotiable, buyers should expect to pay most of them out of pocket. It’s wise to request a detailed breakdown from your lender early in the process.
Property taxes and homeowners insurance are often overlooked in initial budgeting. While these are frequently rolled into monthly mortgage payments through an escrow account, they can add hundreds of dollars to your monthly expenses. Insurance costs vary significantly based on location, home value, and coverage levels. Additionally, homes in special flood or hurricane zones may require additional insurance policies.
Moving expenses can quickly accumulate. Beyond the basic cost of hiring movers or renting a truck, consider expenses like packing materials, temporary storage, and potential overlap in housing costs during the transition. Long-distance moves or relocations requiring professional services can cost thousands of dollars.
Home maintenance and repairs represent ongoing costs that many first-time buyers underestimate. The general rule is to budget 1-2% of your home’s value annually for maintenance. This includes routine tasks like HVAC servicing, gutter cleaning, and lawn care, as well as unexpected repairs. Older homes typically require more maintenance, so factor this into your budget if considering an older property.
Utility costs often increase when moving from an apartment to a house. Larger spaces mean higher heating and cooling costs. Additionally, you may need to pay for services that were previously included in rent, such as water, garbage collection, and pest control. Research average utility costs in your area and factor them into your monthly budget.
Home improvements and furnishings can be substantial expenses, even in move-in ready homes. New furniture, window treatments, appliances, and basic tools for home maintenance add up quickly. While these costs can be spread out over time, having a budget for initial necessities is important.
HOA fees and special assessments can be significant in certain communities. If buying in an HOA, thoroughly review their financial statements and reserve funds. Special assessments for major repairs or improvements can amount to thousands of dollars with little notice.
Property tax reassessments can lead to increased payments, especially if the previous owner had beneficial tax treatment. Research local tax rates and reassessment policies to avoid surprises.
Home warranties are an optional expense but can provide peace of mind for major systems and appliances. While typically costing several hundred dollars annually, they can save money on unexpected repairs.
Finally, consider the opportunity costs of tying up significant capital in a down payment. This money could otherwise be invested or used for other purposes. Factor in the long-term financial implications of reduced liquidity.
2025 Real Estate Trends: What Buyers and Sellers Need to Know
The real estate landscape continues to evolve rapidly in 2025, shaped by technological advances, economic shifts, and changing consumer preferences. Both buyers and sellers need to stay informed about these emerging trends to make smart decisions in today’s dynamic market.
One of the most significant trends is the continued integration of virtual reality (VR) and augmented reality (AR) in property showings. More buyers are now completing their initial property tours virtually, saving time and expanding their search radius. Sellers who invest in high-quality virtual tours and 3D walkthroughs are seeing increased interest from serious buyers, particularly those relocating from other cities.
Sustainability has moved from a luxury option to a necessity. Energy-efficient homes with solar panels, smart climate control systems, and sustainable building materials are commanding premium prices. Buyers are increasingly factoring in long-term energy costs and environmental impact into their purchasing decisions, while sellers are finding that green upgrades offer significant returns on investment.
The rise of remote work continues to influence housing preferences. Home offices are no longer just a bonus feature but a crucial selling point. Properties with dedicated workspaces, high-speed internet infrastructure, and sound-proof rooms are in high demand. Suburban and rural areas with strong internet connectivity are seeing sustained interest from urban expatriates seeking more space and better value.
AI-powered pricing models have become increasingly sophisticated, leading to more accurate property valuations. These tools analyze hundreds of variables, from local market conditions to specific property features, helping both buyers and sellers set realistic expectations. However, human expertise remains crucial in interpreting this data and negotiating deals.
Interest rates have stabilized but remain higher than historical averages, affecting affordability and lending patterns. Creative financing options, including adjustable-rate mortgages and seller financing, are gaining popularity. Buyers are also increasingly considering co-ownership arrangements to enter the market.
The impact of climate change on real estate has become more pronounced, with weather resilience becoming a key consideration. Properties in areas with minimal natural disaster risk are commanding higher prices, while homes with features like hurricane-resistant windows or flood mitigation systems are seeing increased demand.
Multigenerational living continues to grow, driving demand for homes with separate living spaces or in-law suites. This trend is influenced by both cultural preferences and economic factors, including the desire to share costs and provide family care.
For sellers, professional staging has evolved to incorporate both physical and virtual elements. Properties are being presented with multiple design options through virtual staging, allowing buyers to envision different possibilities for the same space.
The rise of blockchain technology in real estate transactions is streamlining processes and reducing fraud risks. Smart contracts are becoming more common, especially in markets with tech-savvy buyers and sellers.
Looking ahead, market experts anticipate continued price stability in most regions, though local variations remain significant. The key to success in 2025’s real estate market lies in understanding these trends and adapting strategies accordingly, whether buying or selling.
About Avraham Glattman
Avraham Glattman is the owner of First American Properties Group, a real estate business based in New York City, New York.
Avraham brings over 26 years of experience working as a real estate agent in the city, where he continues to work today. He graduated from Newport University with a Bachelor’s Degree in Business Administration and Management and remained at the university to attain his Masters of Business Administration (M.B.A.). After graduation, he jumped straight into the real estate field in 1992 in the greater New York City area. Throughout his career, Avraham has explored listings across the New York area, keeping a detailed account of the locations, pricing and comparable properties in the housing market.
After gaining a wealth of knowledge about the real estate marketing in New York, Avraham Glattman decided to take it a step further by creating First American Properties Group with his longtime business partner, Pete Jacov in 2008. First American Properties is a real estate and development company that services the five boroughs of New York. The company currently owns residential and commercial properties in Queens, Downtown Brooklyn, Harlem, and Manhattan. The company focuses on monitoring the growth and development in different areas of the city, so they can work to establish more patterns of growth and help revitalize the area.
While monitoring the different areas of New York City, Avraham Glattman consistently keeps an eye out on up-and-coming neighborhoods that he could potentially invest in. For example, after seeing Harlem, Avraham was immediately impressed by the neighborhood’s charm, leading him to invest in properties in the area. With a convenient location next to the subway and charming business like music venues in the area, it was not hard to see what attracted Avraham to the area.
Today, Avraham Glattman continues to find new investments with First American Properties Group, alongside his business partner, Pete Jacov. Together, they are working towards the goals that they set for First American Properties Group. The goals include acquiring property in the Harlem area to renovate and sell, as well as acquiring properties in all five boroughs.
Avraham Glattman is also the proud owner of 1927 Café Bar Popularr. Located in Harlem, the café serves a variety of open-faced Mediterranean sandwiches, called ‘Toastics’, and many types of coffee. Café Bar Popularr is proud of the rich artistic traditions of Harlem, and invites local musicians, authors, and comedians to visit and share their talents with friends.
Avraham was born and raised in Israel, where he went graduated high school. Not long after, he served in the Israeli army for three years, before he was sent to the United States to work with an Israeli newspaper in Brooklyn, NY. Not long after making the move to New York, Avraham met the woman that would become his wife in 1991. Together, they have three children.
In his spare time, Avraham Glattman enjoys spending his time with his wife and three children and loves to explore new parts of New York City. Avraham’s incredible dedication to both his work and family brings him immense happiness and purpose each day.
To learn more about who Avraham Glattman is, visit AvrahamGlattmanNewYork.com.
