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. ft, is the nation’s costliest itemizing. It can also be the 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 seeking to tower over New York City.
The Staircase at The Penthouse at Central Park Tower
Source: Evan Joseph
“I’ve been promoting actual property for 15 years now, and I’ve offered among the costliest actual property in New York, Florida, all over the place,” mentioned Ryan Serhant, of Serhant, who’s advertising the penthouse. “I’ve by no means seen something like this house.”
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. Luxury 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 practically half in August in comparison with a 12 months in the past, based on 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%, based on 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 condominium.
Some brokers say the $250 million asking value for Central Park Tower penthouse is unrealistic.
“I take into account 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 median 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: Sunrise Facing South
Source: Cody Boone, SERHANT Studios
But Serhant mentioned the worth 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 an incredible worth on a per-square-foot foundation,” he mentioned. “It’s only a very, very large house with plenty of facilities.”
The triplex has seven bedrooms, eight loos and three powder rooms. A stairwell that winds its approach up by means of the three tales is the centerpiece of the primary salon, and a 2,000-square-foot ballroom on the highest flooring has 27-foot excessive ceilings.
Central Park Tower was constructed by Extell Development, the developer behind a number of of Manhattan’s new super-towers. To shield the privateness of would-be consumers, Extell and Serhant are limiting public viewings of the unfurnished house to some choose areas.
The Grand Salon at The Penthouse at Central Park Tower
Source: Evan Joseph | Central Park Tower
The residence has the best terrace on the earth, a glass-rimmed platform hovering 1,460 ft above Manhattan. It additionally comes with a lavish listing of constructing facilities, together with a 60-foot outside pool, 62-foot indoor saltwater pool, spa, non-public backyard, recreation room, convention room, health heart, squash courtroom, screening room, non-public restaurant with Michelin-star cooks and a wine and cigar lounge.
Serhant mentioned the house’s best 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 robust curiosity from the ultra-wealthy, who’re much less affected by stock-market declines, rising charges and recession fears.
“The purchaser of this house is somebody who’s seeking to diversify their property,” he mentioned. “It’s somebody who in all probability owns costly artwork, in all probability has an costly automobile assortment and different issues, they usually need the perfect of the perfect.”
Serhant mentioned one billionaire was flying on this week simply to see the house.
“When they noticed it come onto the market just a few days in the past, they reached out and mentioned ‘Is this the perfect house on the earth?’ I mentioned ‘sure,’ they usually mentioned ‘I’ll fly in to see it’.”
The Penthouse at The Central Park Tower: Sunset over Central Park.
Source: Cody Boone, SERHANT Studios