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From WSJ:

Italian businessman Luigi Zunino, who is in contract to buy an apartment at New York’s Plaza condominium, is already seeking someone to pay $100 million for it, people familiar with the matter say.

Mr. Zunino, chief executive of Milan-based property company Risanamento SpA, hasn’t yet closed on the third-floor apartment of 10,000 square feet, the people say. The agreed-upon purchase price couldn’t be learned, but Plaza condos have sold for $4,000 to more than $6,000 per square foot. A spokesman for Mr. Zunino confirmed the condo contract but declined to elaborate.

The storied 1907 Plaza Hotel has recently reopened as a mix of hotel and condo units. Owners include Bear Stearns Chairman James Cayne and developer Harry Macklowe, who bought an apartment for nearly $60 million last June. A $100 million price, or roughly $10,000 per square foot, would test the upper limits of Manhattan’s market. The residential record there is likely an apartment at The Pierre that sold for $8,000 per square foot, several brokers say.


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