Chinese Mom Reportedly Buys $6.5 Million Apartment For Toddler

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 $6.5 million New York City apartment in the One57 Tower was reportedly purchased for a toddler in China.

If you worry that you're spoiling your child, then this might make you feel better: A mother in China has bought a $6.5 million New York City apartment -- for her toddler. According to reports by Chinese broadcaster CCTV, Sotheby's senior vice president Kevin Brown confirmed that the anonymous woman bought the apartment in preparation for her daughter's future college years at one of America's best universities.

"[The woman] said, well, her daughter was going to go to Columbia, or NYU, or maybe Harvard, and so she needed to be in the center of the city and that was why she was picking this one particular apartment," Brown told CCTV. "So I said: 'Oh, how old is your daughter?' And she said: 'Well, she's 2.' And I was just shocked."

The apartment is the One57 tower (pictured above), a 90-floor, 1,004-foot glass skyscraper overlooking Central Park. The New York Times reports that the tower is slated to be the tallest residential building in New York when it is finished next year.

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According to Time, the extravagant purchase has left "tongues wagging" in China about where the money could have come from, with rumors floating around on social media that the woman is related to a "corrupt government official."

That, or she might just be really, really rich.



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Chinese Mom Reportedly Buys $6.5 Million Apartment For Toddler

Fifth-best city: Atlanta
Difference between rent and mortgage: 182.6%

DuBois says "Hotlanta" offers investors the potential of good rental income and solid capital appreciation.

That's because the 5.3 million-population metro area's real estate market -- which tumbled during the housing bust -- appears to be rebounding. Median Atlanta-area list prices on Realtor.com rose 9.8% over the past year to hit $174,900.

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Fourth-best city: Princeton, N.J.
Difference between rent and mortgage: 209.8%

Rents in the home of 7,900-student Princeton University average $2,056 a month -- more than double the $980 monthly mortgage bill on a typical home in the area.

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Third-best city: Pittsburgh
Difference between rent and mortgage: 215.8%

The Steel City and surrounding communities are home to more than a dozen schools, from the 28,800-student University of Pittsburgh to 12,100-pupil Carnegie-Mellon University.

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Second-best city: Chicago
Difference between rent and mortgage: 226.4%

America's "Second City" places second on Realtor.com's list because of high average asking rents ($1,630), low median mortgage bills ($720) and its many universities.

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Best city: Boston
Difference between rent and mortgage: 248.7%

Boston
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