December 3, 2022

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

4 min read

A penthouse atop the world’s tallest household building − mentioned for $250 million − is marking the greatest test of the ultra-luxury true estate market at a time of slipping sales and developing financial uncertainty.

The a few-tale mega-household within Central Park Tower, which spans more than 17,500 square ft, is the country’s most costly listing. It is also the maximum, positioned at over 1,400 ft and spanning the 129th to 131st flooring. Perched on Manhattan’s “Billionaires’ Row” − a strip of tremendous-tall skyscrapers along the southern edge of Central Park − it is becoming marketed as the final true estate trophy for a billionaire looking to tower in excess of New York Town.

The Staircase at The Penthouse at Central Park Tower

Supply: Evan Joseph

“I’ve been marketing actual estate for 15 a long time now, and I have offered some of the most expensive serious estate in New York, Florida, all over the place,” said Ryan Serhant, of Serhant, who is advertising the penthouse. “I have under no circumstances observed something like this condominium.”

The major dilemma is no matter if the listing can fetch its inquiring rate as storm clouds get above true estate, financial markets and the broader economy. Luxurious actual estate gross sales in Manhattan have slowed radically in modern months. The range of signed contracts for houses priced at $5 million or more fell by nearly 50 % in August in contrast to a calendar year back, according to a report from Miller Samuel and Douglas Elliman.

For the calendar year, revenue of flats priced at $10 million or far more have declined 38%, in accordance to Miller Samuel. The most high-priced sale of the 12 months in Manhattan so considerably is a $74 million penthouse of the new Aman New York condominium.

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

“I consider this a fantasy value,” said Donna Olshan, a Manhattan luxurious broker.

Olshan stated there have been 23 closed sales in the building this yr, with an ordinary value-per-sq.-foot of $5,228. The penthouse, which is substantially larger with increased ceilings, sights and amenities, is searching for extra $14,000 for each sq. foot.

The Penthouse at Central Park Tower: Sunrise Dealing with South

Source: Cody Boone, SERHANT Studios

But Serhant stated the selling price is correct, given the sale of a penthouse at nearby 220 Central Park South for $190 million, or $20,000 for each sq. foot.

“I know it sounds mad, bur rather speaking, it really is priced at a fantastic value on a for each-square-foot basis,” he reported. “It can be just a really, pretty big apartment with a lot of amenities.”

The triplex has seven bedrooms, eight bogs and a few powder rooms. A stairwell that winds its way up by the 3 stories is the centerpiece of the main salon, and a 2,000-square-foot ballroom on the best flooring has 27-foot higher ceilings.

Central Park Tower was crafted by Extell Enhancement, the developer behind numerous of Manhattan’s new super-towers. To shield the privacy of would-be prospective buyers, Extell and Serhant are restricting public viewings of the unfurnished apartment to a few pick out places.

The Grand Salon at The Penthouse at Central Park Tower

Source: Evan Joseph | Central Park Tower

The home has the optimum terrace in the environment, a glass-rimmed system soaring 1,460 feet higher than Manhattan. It also comes with a lavish checklist of creating amenities, which include a 60-foot outside pool, 62-foot indoor saltwater pool, spa, personal garden, recreation room, conference place, physical fitness middle, squash courtroom, screening room, non-public restaurant with Michelin-star cooks and a wine and cigar lounge.

Serhant claimed the apartment’s biggest facilities are the 360-degree sights, with Central Park spreading out down below like a eco-friendly welcome mat and hills of New Jersey and New York suburbs seen in the distance.

He reported he has by now observed strong desire from the ultra-rich, who are significantly less influenced by inventory-current market declines, increasing charges and recession fears.

“The purchaser of this apartment is somebody who is looking to diversify their property,” he said. “It can be a person who possibly owns high priced art, possibly has an expensive automobile assortment and other issues, and they want the greatest of the finest.”

Serhant reported a single billionaire was traveling in this 7 days just to see the apartment.

“When they noticed it appear onto the market a number of times back, they achieved out and claimed ‘Is this the best apartment in the planet?’ I claimed ‘yes,’ and they claimed ‘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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