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

Inside the $250 million penthouse on 'Billionaires' Row'

A penthouse atop the world’s tallest residential constructing − listed for $250 million − is marking the largest take a look at of the ultra-luxury actual property market at a time of falling gross sales and rising financial 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 is usually the very best, 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 last word actual property trophy for a billionaire trying to tower over New York Metropolis.

The Staircase at The Penthouse at Central Park Tower

Supply: Evan Joseph

“I have been promoting actual property for 15 years now, and I’ve bought among the most costly actual property in New York, Florida, in all places,” mentioned Ryan Serhant, of Serhant, who’s advertising and marketing the penthouse. “I’ve by no means seen something like this residence.”

The massive query is whether or not the itemizing can fetch its asking value as storm clouds collect over actual property, monetary markets and the broader economic system. Luxurious 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 practically half in August in comparison with a 12 months in the past, in line 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 line with Miller Samuel. The costliest sale of the 12 months in Manhattan up to now is a $74 million penthouse of the brand new Aman New York rental.

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

“I think about this a fantasy value,” mentioned Donna Olshan, a Manhattan luxurious dealer.

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

The Penthouse at Central Park Tower: Dawn Dealing with South

Supply: Cody Boone, SERHANT Studios

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

“I do know it sounds loopy, bur comparatively talking, it is priced at a terrific worth on a per-square-foot foundation,” he mentioned. “It is only a very, very huge residence with a number of facilities.”

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

Central Park Tower was constructed by Extell Growth, the developer behind a number of of Manhattan’s new super-towers. To guard the privateness of would-be patrons, 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

Supply: Evan Joseph | Central Park Tower

The house has the very best terrace on the planet, a glass-rimmed platform hovering 1,460 ft above Manhattan. It additionally comes with a lavish record of constructing facilities, together with a 60-foot outside pool, 62-foot indoor saltwater pool, spa, personal backyard, recreation 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 beneath like a inexperienced welcome mat and hills of New Jersey and New York suburbs seen within 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 residence is somebody who’s trying to diversify their belongings,” he mentioned. “It is somebody who most likely owns costly artwork, most likely has an costly automotive assortment and different issues, and so they need the perfect of the perfect.”

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

“Once they noticed it come onto the market just a few days in the past, they reached out and mentioned ‘Is that this the perfect residence on the planet?’ I mentioned ‘sure,’ and so they mentioned ‘I will fly in to see it’.”

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

Supply: Cody Boone, SERHANT Studios

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