Selling up in New York millionaires Jon Asgeir Johannesson and Ingibjorg Palmadottir have put their luxury Manhattan apartment on the market for USD 25 million (ISK 2.9 billion), according to the New York Times.

The couple bought the apartment in 2006 for USD 10 million, and the loft apartment above it several months later for USD 14 million. The newspaper says they paid up-front and got an architect to join the two apartments with stairs. Both apartments are said to have large balconies and overlook Gramercy Park.

It is not clear whether Jon and Ingibjorg will be able to sell the apartment without making a loss; but property prices in Manhattan have so far withstood the recession better than most places.

Jon Asgeir’s Baugur Group has made the headlines over recent weeks for the serious economic trouble it now finds itself in.

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