How much house do you get for $238 million? Try 24,000 square feet across four stories with 360-degree views through floor-to-ceiling windows, right across the street from New York's Central Park. It's the most paid for a home in the United States. But it’s a throwback to the red-hot real estate market of three years ago, when Citadel hedge fund founder Ken Griffin signed a contract to buy the place. (The deal closed now that the building's nearing completion.) Since then, New York's real estate market has been slumping. Last year, the median price of a Manhattan condo dropped below $1 million for the first time in three years. And waiting lists for affordable housing in the city are longer than ever.
Click the audio player above to hear the full story.
“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VABEFORE YOU GO