New york condo sells at record-breaking price

A new build condominium in the exclusive Plaza Residences has broken the record price tag for a single unit ever in wealthy Manhattan.

The $48 million unit is located within a new condo development in the city's prestigious Plaza Hotel, a five-star celebrity destination minutes from Central Park. It was purchased by Russian composer Igor Krutoy, who will soon move into the property with his wife Olga.

Real estate broker Lisa Simonsen, who closed the deal for property firm Prudential Douglas Elliman, told the New York Times the sale was a huge windfall for the development, which has so far been lagging slightly behind in terms of predicted price expectations. "It's a huge boost", said Simonsen. "There's no question that the value of everybody's property in that building has gone up. It certainly will turn around the image."