A Korean has bought a US$40 million penthouse in Manhattan, the Wall Street Journal reports, the eighth most expensive residential property transaction in New York since 2010. It did not give the buyer's name.

The paper said the overheated real estate market in Manhattan is still seen as a safe bet for the super rich as markets tumble. Twelve properties over $35 million were sold there in the last two years.

The property bought by the mysterious Korean is at 15 Central Park West and boasts a spectacular view over the Central Park. It was much hyped at the time of completion in 2008 as the most luxurious apartment in the best location in the city. It is a 360 sq. m penthouse on the 41st floor of a 43-story building. The buyer reportedly paid the entire US$40 million in cash.

But insiders say the buyer was in fact Min Kao, a Taiwanese-American businessman who co-founded Garmin, a maker of satellite navigation and GPS devices. Forbes in May included the property in his list of assets.