08/17/2010 12:19 pm ET Updated May 25, 2011

$50 Margarita Served At Peacock Alley In Midtown (VIDEO)

New York may be known for its expensive drinks, but a $50 margarita?

That's what's on the menu at Midtown's Peacock Alley, where mixologist Frank Caiafa serves what he calls the Millionaire's Margarita.

Caiafa says the price of the drink — which includes DeLeón Diamante Tequila, Grand Marnier 100 Year, simple syrup and lime juice — is justified by the high quality of the ingredients.

He said he uses DeLeón because "it's a singular tequila, it has a great mouth feel, a long finish.

"You can drink it straight, which i recommend. Neat, and maybe with one large ice cube," he said. "It stands alone."

As for the 100th anniversary Grand Marnier variety, Caiafa says "it's not just sugar and oranges; it's much more complex."

Caiafa serves the Millionaire's Margarita in a long-stem martini glass — "you want to savor a cocktail like this," he says — with a diamond-shaped lime garnish.

"It's a special-event cocktail," he said. "But it's actually quite a value, because the price point of the DeLeón and the other ingredients," — he paused, looking for the best way to put it — "are quite high," he said with a laugh.

Watch Caiafa mix the Millionaire's Margarita below: