Ekaterina Rybolovleva Biography and Pictures Gallery 2011
Most 22-year-olds can't even imagine having a foot on the property ladder - let alone one that costs $88million.
But having a Russian billionaire father usually helps, as demonstrated by Ekaterina Rybolovleva, daughter of former fertiliser magnate Dmitry Rybolovlev.
Miss Rybolovleva is studying at an undisclosed U.S. university and will live in the apartment - which boasts ten rooms and a wraparound terrace - when she is in New York.
The sale of the apartment, which was reported yesterday by Forbe's magazine, broke records for an individual transaction in a city renowned for pricey property.
A representative for Miss Rybolovleva released a statement saying: 'A company associated with Ekaterina Rybolovleva, daughter of a well-known businessman Dmitriy Rybolovleva, has signed a contract to purchase an apartment at 15 Central Park West, New York.
'The apartment is a condominium currently owned by the Sanford Weill Family.
'Ms Rybolovleva is currently studying at a U.S. university. She plans to stay in the apartment when visiting New York.
'Ms Rybolovleva was born in Russia, is a resident of Monaco and has resided in Monaco and Switzerland for the past 15 years.'
Her father is one of the small group of Russians who became fabulously wealthy during the post-Soviet privatization of the economy and are known as oligarchs. He is the former owner of fertilizer business Uralkali.
The mining magnate is locked in a bitter divorce battle with wife Elena, to whom he has been married for 23 years. They have two daughters.
In court papers, Mrs Rybolovleva, 43, has accused her husband of serial infidelity and could be set to get $3.5billion in the divorce.
But the 6,744 sq ft ten-room will be safe from his ex-wife as the contract is in their daughter's name.
In 2008, Mr Rybolovlev, 43, bought Donald Trump's 33,000 sq ft Florida estate - Maison L'Amitie - for $95million in cash.
He is also poised to take control of French football team AS Monaco, used to run Russia's largest potash fertiliser company Uralkali.
He is listed as the 93rd richest person in the world.
The previous record for real estate sale in Manhattan stands at $53million - paid by J. Christopher Flowers for the Harkness Mansion in 2006.
Architectural Digest ran a feature on Miss Rybolovlev's new home. It describes the designers as making the apartment ceilings and windows as high as they could.
'The sweep of space they configured made possible a Versailles-like enfilade of grand rooms with views,' it said.
The sellers of the new property are former Citigroup CEO Sandy Weill and his wife Joan, who bought the apartment themselves for a then record $42.4million.
Mr Weill said when it went on the market that the proceeds would be donated to charity.
Miss Rybolovleva is following in the footsteps of Petra Ecclestone, who earlier this year bought the spelling mansion, which was listed at a selling price of $150million - America's most expensive home.
The 22-year-old British heiress is said to have bought it for a mere $85million.
Petra is the daughter of British Formula One exec Bernie Ecclestone, whose worth is estimated at $4 billion.
Read more: Dailymail