The original city of New York began on the southern end of Manhattan, founded as a trading post by European colonists in 1624. According to a document by Pieter Janszoon Schagen of the Dutch West India Company, the Dutch colonial Director-General Peter Minuit was credited with purchasing the “not so useful” Island of Manhattan from the local Native American people on May 24, 1626 in exchange of trade goods worth 60 guilders, often cited to be worth $24 USD at the time.
What may have been one of the most lucrative real estate transactions in history; the purchase of Manhattan 387 years ago for $24 dollars has been calculated to be worth $1,000 USD in 2006 currency figures. Now changed beyond recognition Manhattan has become one of the most densely populated areas in the world with some estimates valuing the islands price, including real estate, to be in excess of $3 trillion dollars.
A Central Park view within Manhattan today has become one of the most coveted areas to live in New York, which has resulted in some of the highest real estate prices in the world. Record-breaking Manhattan transactions include a sale price of more than $90 million in early 2012 for the 10,923 sq. ft. penthouse on the 89th and 90th floor of the yet to be completed One57 high-rise, slated to become New York’s tallest residential building once completed.