A penthouse atop the world’s tallest residential constructing − listed for $250 million − is marking the largest test of the ultra-luxury real estate market at a time of falling sales and growing economic uncertainty.
The three-story mega-home inside Central Park Tower, which spans greater than 17,500 square feet, is the country’s most costly listing. It’s also the very best, situated at over 1,400 feet and spanning the 129th to 131st floors. Perched on Manhattan’s “Billionaires’ Row” − a strip of super-tall skyscrapers along the southern fringe of Central Park − it’s being marketed as the final word real estate trophy for a billionaire seeking to tower over Recent York City.
The Staircase at The Penthouse at Central Park Tower
Source: Evan Joseph
“I have been selling real estate for 15 years now, and I’ve sold a number of the most costly real estate in Recent York, Florida, all over the place,” said Ryan Serhant, of Serhant, who’s marketing the penthouse. “I actually have never seen anything like this apartment.”
The massive query is whether or not the listing can fetch its asking price as storm clouds gather over real estate, financial markets and the broader economy. Luxury real estate sales in Manhattan have slowed dramatically in recent months. The variety of signed contracts for properties priced at $5 million or more fell by nearly half in August in comparison with a yr ago, in accordance with a report from Miller Samuel and Douglas Elliman.
For the yr, sales of apartments priced at $10 million or more have declined 38%, in accordance with Miller Samuel. The most costly sale of the yr in Manhattan to this point is a $74 million penthouse of the brand new Aman Recent York condo.
Some brokers say the $250 million asking price for Central Park Tower penthouse is unrealistic.
“I consider this a fantasy price,” said Donna Olshan, a Manhattan luxury broker.
Olshan said there have been 23 closed sales within the constructing this yr, with a median price-per-square-foot of $5,228. The penthouse, which is way larger with higher ceilings, views and amenities, 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 said the value is suitable, given the sale of a penthouse at nearby 220 Central Park South for $190 million, or $20,000 per square foot.
“I comprehend it sounds crazy, bur relatively speaking, it’s priced at an awesome value on a per-square-foot basis,” he said. “It’s just a really, very big apartment with numerous amenities.”
The triplex has seven bedrooms, eight bathrooms and three powder rooms. A stairwell that winds its way up through the three stories is the centerpiece of the most important salon, and a 2,000-square-foot ballroom on the highest floor has 27-foot high ceilings.
Central Park Tower was built by Extell Development, the developer behind several of Manhattan’s recent super-towers. To guard the privacy of would-be buyers, Extell and Serhant are limiting public viewings of the unfurnished apartment to a couple of select areas.
The Grand Salon at The Penthouse at Central Park Tower
Source: Evan Joseph | Central Park Tower
The house has the very best terrace on this planet, a glass-rimmed platform soaring 1,460 feet above Manhattan. It also comes with a lavish list of constructing amenities, including a 60-foot outdoor pool, 62-foot indoor saltwater pool, spa, private garden, game room, conference room, fitness center, squash court, screening room, private restaurant with Michelin-star chefs and a wine and cigar lounge.
Serhant said the apartment’s biggest amenities are the 360-degree views, with Central Park spreading out below like a green welcome mat and hills of Recent Jersey and Recent York suburbs visible in the space.
He said he has already seen strong interest from the ultra-wealthy, who’re less affected by stock-market declines, rising rates and recession fears.
“The purchaser of this apartment is someone who’s seeking to diversify their assets,” he said. “It’s someone who probably owns expensive art, probably has an expensive automotive collection and other things, they usually want one of the best of one of the best.”
Serhant said one billionaire was flying on this week simply to see the apartment.
“After they saw it come onto the market a couple of days ago, they reached out and said ‘Is that this one of the best apartment on this planet?’ I said ‘yes,’ they usually said ‘I’ll fly in to see it’.”
The Penthouse at The Central Park Tower: Sunset over Central Park.
Source: Cody Boone, SERHANT Studios