Hedge Fund Manager Buys $230 Million Condo, Boosting Prices In New York

Billionaire Ken Griffin has single handedly moved the needle on New York City's real estate market.

Thanks to his $238 million condo purchase the average home sales price in Manhattan is now $100,000 higher than it would have been.

The first three months of this year the average price was $2.1 million which is 9.6% more than a year ago.

“Think of [the sale] as a circus sideshow,” said Jonathan Miller, president and CEO of Miller Samuel. “It tells us nothing about today’s market, since the peak of the luxury new development condo market was in 2014 and 2015.”

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