The words 'studio apartment in Manhattan' are unlikely to conjure up images of luxury or million-dollar price tags. So it might be surprising to learn a one-room property in the Big Apple sold for $3.88 million in an all-cash deal this year.The lavish 691-square-foot studio is located just steps away from Central Park at Mandarin Oriental Residences at 685 Fifth Ave. It sits on the 15th floor.
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