In these difficult economic times, many people are cutting back in all areas as the current financial climate is tough and unpredictable. However, there is one area that is certainly booming, luxury, high net worth property.

The most expensive apartment in New York has sold for a staggering $88 million to a Russian billionaire, setting an unprecedented record in the Manhattan real estate market. The 627 square-metre apartment in Central Park West was sold by Brown Harris Stevens, the exclusive affiliate of Christie’s International Real Estate. Rimontgó is also an associate of Christie’s, who is based in Valencia. The property was bought by Ekaterina Rybolovleva, the 22-year-old daughter of Russian billionaire, Dmitriy Rybolovlev, who made his fortune in the fertilizer business. Rybolovleva is currently studying at a US university and plans to stay in the apartment when visiting New York.

The ten-roomed apartment has four bedrooms, a wraparound terrace of more than 185 square metres and two wood burning fireplaces. Other features include an oval bedroom and a Brazilian rosewood panelled study. The apartment was previously owned by the former Citigroup chairman, Sanford I. Weill, who has promised to donate the proceeds of the sale to charity.

The sale sets a record for the highest individual transaction ever made in New York City. It shows there are still a growing number of international buyers in New York, with a substantial number of sales being made to Russian and Chinese clients.