Sanford Weill
Sanford Weill, former chairman and CEO of Citigroup. David Shankbone

Ex-Citigroup chairman Sanford Weill has sold his penthouse at 15 Central Park West in Manhattan for $88 million, a new record for a single residential sale in the city.

The buyer is Ekaterina Rybolovleva, a 22-year-old Russian student, according to Forbes, the daughter of fertilizer mogul Dmitry Rybololev, the world's 93rd richest person, with an estimated net worth of $9.5 billion.

Rybolovleva attends an undisclosed U.S. university and plans to stay in the apartment when visiting New York, her representatives told Forbes. She resides in Monaco and Switzerland.

The elder Rybololev, who assembled a fortune in the potassium fertilizer industry, is no stranger to luxury real estate. He purchased Donald Trump's Florida mansion, Maison de L'Amitie for $95 million in 2008 -- $25 million less than the asking price.

The 6,744 square foot apartment has 10 rooms, along with an 2,077 square foot terrace.

Weill and his wife, Joan, bought the apartment for $43.68 million in 2007, for around $6,400 per square foot. They plan to donate the proceeds of the new sale to charity and will move to a smaller unit in the building.

Designed by Robert A.M. Stern, 15 Central Park West is one of the most lucrative condos in the world, with sales in excess of $2 billion. Its location -- at 62nd Street on the cusp of the Upper East Side -- as well as its limestone design and spacious units have made it a property that has defied the real estate downturn.

Earlier this week, another apartment in the building closed for $24 million, and other residents include the singer Sting, actor Denzel Washington and Lloyd Blankfein, head of Goldman Sachs.

The penthouse sale surpassed Russian composer Igor Krutoy's $48 million condo purchase at the Plaza Hotel in March, which was as the largest transaction for a single New York apartment. The sale also beats the $54 million trade for the Harkness Mansion, a townhouse at 4 East 75th Street, until now the largest single residential deal.

Kyle Blackmon of Brown Harris Stevens brokered the sale.