A penthouse atop the world’s tallest residential constructing − listed for $250 million − is marking the most important 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. toes, is the nation’s most costly itemizing. It’s also the best, located at over 1,400 toes 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 seeking 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 offered a number of the most costly actual property in New York, Florida, in every single place,” mentioned Ryan Serhant, of Serhant, who’s advertising the penthouse. “I’ve by no means seen something like this condo.”
The large 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 latest months. The variety of signed contracts for properties priced at $5 million or extra fell by almost half in August in comparison with a yr in the past, in response to a report from Miller Samuel and Douglas Elliman.
For the yr, gross sales of residences priced at $10 million or extra have declined 38%, in response to Miller Samuel. The most costly sale of the yr in Manhattan to date is a $74 million penthouse of the brand new Aman New York apartment.
Some brokers say the $250 million asking value for Central Park Tower penthouse is unrealistic.
“I contemplate this a fantasy value,” mentioned Donna Olshan, a Manhattan luxurious dealer.
Olshan mentioned there have been 23 closed gross sales within the constructing this yr, with a mean price-per-square-foot of $5,228. The penthouse, which is way bigger with larger ceilings, views and facilities, is looking 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 worth 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 do know it sounds loopy, bur comparatively talking, it is priced at an amazing worth on a per-square-foot foundation,” he mentioned. “It is only a very, very large condo with numerous facilities.”
The triplex has seven bedrooms, eight bogs and three powder rooms. A stairwell that winds its means up by way of the three tales is the centerpiece of the principle salon, and a 2,000-square-foot ballroom on the highest ground 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 consumers, Extell and Serhant are limiting public viewings of the unfurnished condo to some choose areas.
The Grand Salon at The Penthouse at Central Park Tower
Supply: Evan Joseph | Central Park Tower
The house has the best terrace on this planet, a glass-rimmed platform hovering 1,460 toes above Manhattan. It additionally comes with a lavish checklist of constructing facilities, together with a 60-foot out of doors pool, 62-foot indoor saltwater pool, spa, non-public backyard, recreation room, convention room, health middle, squash courtroom, screening room, non-public restaurant with Michelin-star cooks and a wine and cigar lounge.
Serhant mentioned the condo’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 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 condo is somebody who’s seeking to diversify their property,” he mentioned. “It is somebody who in all probability owns costly artwork, in all probability has an costly automotive assortment and different issues, and so they need one of the best of one of the best.”
Serhant mentioned one billionaire was flying on this week simply to see the condo.
“Once they noticed it come onto the market just a few days in the past, they reached out and mentioned ‘Is that this one of the best condo on this planet?’ I mentioned ‘sure,’ and so they mentioned ‘I am going to fly in to see it’.”
The Penthouse at The Central Park Tower: Sundown over Central Park.
Supply: Cody Boone, SERHANT Studios