Nobel Prize-winning economist and New York Times columnist Paul Krugman has paid $1,700,000 to purchase a three-bedroom co-op apartment on Manhattan's Upper West Side, and his current apartment nearby has a sale contract on it after having been on the market for $599,000.

 

The New York Observer's Max Abelson wrote on Wednesday about Krugman's purchase of the six-room unit, which occurred earlier this month. Krugman told Abelson in an interview that recently "I came into some money," referring to his approximately $1.4 million payout that came with winning the Nobel in 2008. Krugman even bearishly told Abelson that "I do expect New York prices might fall some more, but we need a place."

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Features in Krugman's new unit, which is in a prewar co-op building on Riverside Drive, include two windowed baths and an arch that opens to a living room with nine-foot ceilings, a built-in wall bookcase/display case, wood floors and picture windows, according to listing information. Other features include a mirrored dining room with a built-in cabinet that adjoins a windowed kitchen with custom cabinetry and a washer/dryer, according to listing information. The unit originally had been listed in March 2008 for $2,495,000, according to StreetEasy, and later was reduced to $2,199,000 and $1,850,000 before selling.

For whatever reason -- perhaps a condition that Krugman placed on giving an interview -- Abelson only vaguely alludes to Krugman's existing Manhattan abode, noting that his "old place in the neighborhood" is "about to be sold," but that he "won't be making any money on it." We can provide a few more details on that piece of Krugman's housing situation. Krugman's current one-bedroom co-op unit on the Upper West Side is under contract after being listed for $599,000, according to StreetEasy. Renovated from top to bottom, the top-floor unit on West 89th Street has one bath and a recently renovated, windowed kitchen with an open layout, stainless steel counters and stainless steel appliances, including a dishwasher, a Thermador oven and a Jenn-Air side-by-side refrigerator, according to listing information.

Records show that Krugman had had his West 89th Street unit on the market since April 19. He purchased it in 2005 for $539,999, according to public records.

Krugman continues to own his longtime house in Princeton, New Jersey, where he teaches at Princeton University.