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

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

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A penthouse atop the world’s highest property structure − noted for $250 million − is marking the most significant test of the ultra-luxury property market at a time of falling sales and growing financial unpredictability.

The three-story mega-home within Central Park Tower, which covers more than 17,500 square feet, is the nation’s most costly listing. It is likewise the greatest, located at over 1,400 feet and covering the 129 th to 131 st floorings. Perched on Manhattan’s “Billionaires’ Row” − a strip of super-tall high-rise buildings along the southern edge of Central Park − it is being marketed as the supreme property prize 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,” stated Ryan Serhant, of Serhant, who is marketing the penthouse. “I have never seen anything like this apartment.”

The huge concern is whether the listing can bring its asking rate as storm clouds collect over property, monetary markets and the wider economy. Luxury property sales in Manhattan have actually slowed considerably in current months. The variety of signed agreements for residential or commercial properties priced at $5 million or more fell by almost half in August compared to a year earlier, according to a report from Miller Samuel and Douglas Elliman.

For the year, sales of homes priced at $10 million or more have actually decreased 38%, according to MillerSamuel The most costly sale of the year in Manhattan up until now is a $74 million penthouse of the brand-new Aman New York condominium.

Some brokers state the $250 million asking rate for Central Park Tower penthouse is impractical.

“I consider this a fantasy price,” stated Donna Olshan, a Manhattan high-end broker.

Olshan stated there have actually been 23 closed sales in the structure this year, with a typical price-per-square-foot of $5,228 The penthouse, which is much bigger with greater ceilings, views and features, is looking for more $14,000 per square foot.

The Penthouse at Central Park Tower: Sunrise Facing South

Source: Cody Boone, SERHANT Studios

But Serhant stated the rate is suitable, provided the sale of a penthouse at neighboring 220 Central Park South for $190 million, or $20,000 per square foot.

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

The triplex has 7 bed rooms, 8 restrooms and 3 powder spaces. A stairwell that winds its method up through the 3 stories is the focal point of the primary beauty parlor, and a 2,000- square-foot ballroom on the leading flooring has 27- foot high ceilings.

Central Park Tower was constructed by Extell Development, the designer behind numerous of Manhattan’s brand-new super-towers. To safeguard the personal privacy of potential purchasers, Extell and Serhant are restricting public watchings of the unfurnished home to a couple of choose locations.

The Grand Salon at The Penthouse at Central Park Tower

Source: Evan Joseph|Central Park Tower

The house has the greatest balcony on the planet, a glass-rimmed platform skyrocketing 1,460 feet aboveManhattan It likewise includes a luxurious list of structure features, consisting of a 60- foot outside swimming pool, 62- foot indoor saltwater swimming pool, medical spa, personal garden, recreation room, meeting room, gym, squash court, evaluating space, personal dining establishment with Michelin- star chefs and a white wine and stogie lounge.

Serhant stated the home’s biggest features are the 360- degree views, with Central Park expanding listed below like a green welcome mat and hills of New Jersey and New York suburban areas noticeable in the range.

He stated he has actually currently seen strong interest from the ultra-wealthy, who are less impacted by stock-market decreases, increasing rates and economic crisis worries.

“The purchaser of this apartment is someone who is looking to diversify their assets,” he stated. “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 stated one billionaire was flying in this week simply to see the home.

“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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