While some of us struggle to afford our rent, others can splurge to buy property in Williamsburg, a Brooklyn neighborhood that has become known for its hipsters and rising property prices. A duplex penthouse in the north tower of The Edge, a condo on 34 North 7th Street, has just sold for $3 million, a little under the previous owner's asking price of $3.25 million.
Dubai-based consultant Peter Jenkins first purchased the brand new 3-bedroom, 3-bath condo unit in 2011 as a pied-à-terre for $2.16 million, and this record high sale now leaves him with a 20% annual return. Although part of Jenkins' decision to sell the apartment was because he wasn't there so often, he had invested in the property's decor and hired sisters Hollister and Porter Hovey, who also live in Williamsburg, to garnish and adorn the space. Now he has no regrets for this, as his sale marks the most expensive penthouse sale to ever have gone done in the neighborhood. Now we can only wait to see what crazy prices will be paid next to contribute to the ever-rising costs of living.