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 costliest itemizing. It is usually 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 final 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 a few of the costliest actual property in New York, Florida, all over the place,” stated Ryan Serhant, of Serhant, who’s advertising the penthouse. “I’ve by no means seen something like this residence.”
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 financial 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 almost half in August in comparison with a 12 months in the past, in accordance with a report from Miller Samuel and Douglas Elliman.
For the 12 months, gross sales of flats priced at $10 million or extra have declined 38%, in accordance with Miller Samuel. The costliest sale of the 12 months 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 think about this a fantasy value,” stated Donna Olshan, a Manhattan luxurious dealer.
Olshan stated 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 far bigger with increased 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 stated the value 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 incredible worth on a per-square-foot foundation,” he stated. “It is only a very, very large residence with a lot of facilities.”
The triplex has seven bedrooms, eight loos and three powder rooms. A stairwell that winds its method up by way 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 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 a couple 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 the planet, a glass-rimmed platform hovering 1,460 toes above Manhattan. It additionally comes with a lavish listing 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 heart, squash courtroom, screening room, non-public restaurant with Michelin-star cooks and a wine and cigar lounge.
Serhant stated 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 stated 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 residence is somebody who’s trying to diversify their property,” he stated. “It is somebody who most likely owns costly artwork, most likely has an costly automobile assortment and different issues, and so they need one of the best of one of the best.”
Serhant stated one billionaire was flying on this week simply to see the residence.
“Once they noticed it come onto the market a number of days in the past, they reached out and stated ‘Is that this one of the best residence on the planet?’ I stated ‘sure,’ and so they stated ‘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