Inside the $250 million penthouse on ‘Billionaires’ Row’

New York City penthouse becomes priciest listing in U.S. at $250 million

A penthouse atop the world’s tallest residential constructing − listed for $250 million − is marking the greatest take a look at of the ultra-luxury actual property market at a time of falling gross sales and rising economic uncertainty.

The three-story mega-home inside Central Park Tower, which spans greater than 17,500 sq. ft, is the nation’s most costly itemizing. It can be the highest, located at over 1,400 ft and spanning the 129th to 131st flooring. Perched on Manhattan’s “Billionaires’ Row” − a strip of super-tall skyscrapers alongside the southern fringe of Central Park − it’s being marketed as the final actual property trophy for a billionaire seeking to tower over New York City.

The Staircase at The Penthouse at Central Park Tower

Source: Evan Joseph

“I’ve been selling real estate for 15 years now, and I’ve sold some of the most expensive real estate in New York, Florida, everywhere,” mentioned Ryan Serhant, of Serhant, who’s advertising and marketing the penthouse. “I have never seen anything like this apartment.”

The large query is whether or not the itemizing can fetch its asking value as storm clouds collect over actual property, financial markets and the broader financial system. Luxury actual property gross sales in Manhattan have slowed dramatically in current months. The variety of signed contracts for properties priced at $5 million or extra fell by almost half in August in comparison with a 12 months in the past, in keeping with a report from Miller Samuel and Douglas Elliman.

For the 12 months, gross sales of residences priced at $10 million or extra have declined 38%, in keeping with Miller Samuel. The most costly sale of the 12 months in Manhattan to date is a $74 million penthouse of the new Aman New York condominium.

Some brokers say the $250 million asking value for Central Park Tower penthouse is unrealistic.

“I consider this a fantasy price,” mentioned Donna Olshan, a Manhattan luxurious dealer.

Olshan mentioned there have been 23 closed gross sales in the constructing this 12 months, with a mean price-per-square-foot of $5,228. The penthouse, which is far bigger with larger ceilings, views and facilities, is searching for extra $14,000 per sq. foot.

The Penthouse at Central Park Tower: Sunrise Facing South

Source: Cody Boone, SERHANT Studios

But Serhant mentioned the value is acceptable, given the sale of a penthouse at close by 220 Central Park South for $190 million, or $20,000 per sq. foot.

“I know it sounds crazy, bur relatively speaking, it’s priced at a great value on a per-square-foot basis,” he mentioned. “It’s just a very, very big apartment with lots of amenities.”

The triplex has seven bedrooms, eight loos and three powder rooms. A stairwell that winds its means up by way of the three tales is the centerpiece of the predominant salon, and a 2,000-square-foot ballroom on the high flooring has 27-foot excessive ceilings.

Central Park Tower was constructed by Extell Development, the developer behind a number of of Manhattan’s new super-towers. To shield the privateness of would-be consumers, Extell and Serhant are limiting public viewings of the unfurnished residence to some choose areas.

The Grand Salon at The Penthouse at Central Park Tower

Source: Evan Joseph | Central Park Tower

The house has the highest terrace in the world, a glass-rimmed platform hovering 1,460 ft above Manhattan. It additionally comes with a lavish listing of constructing facilities, together with a 60-foot outside pool, 62-foot indoor saltwater pool, spa, personal backyard, sport room, convention room, health middle, squash court docket, screening room, personal restaurant with Michelin-star cooks and a wine and cigar lounge.

Serhant mentioned the residence’s biggest facilities are the 360-degree views, with Central Park spreading out under like a inexperienced welcome mat and hills of New Jersey and New York suburbs seen in the distance.

He mentioned he has already seen sturdy curiosity from the ultra-wealthy, who’re much less affected by stock-market declines, rising charges and recession fears.

“The purchaser of this apartment is someone who is looking to diversify their assets,” he mentioned. “It’s someone who probably owns expensive art, probably has an expensive car collection and other things, and they want the best of the best.”

Serhant mentioned one billionaire was flying on this week simply to see the residence.

“When they saw it come onto the market a few days ago, they reached out and said ‘Is this the best apartment in the world?’ I said ‘yes,’ and they said ‘I’ll fly in to see it’.”

The Penthouse at The Central Park Tower: Sunset over Central Park.

Source: Cody Boone, SERHANT Studios

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