New York City has a new most expensive apartment for sale: $130 million. And it’s not even built yet.
The 12,394-square-foot triplex topping a new luxury tower at 520 Park Avenue would be the most expensive apartment price tag New York has ever seen, surpassing the $118.5 million asking price for three separate units currently being marketed together in Battery City’s Ritz-Carlton tower.
The 54-story condominium tower at 520 Park Avenue is scheduled to begin rising by February 2015, says Arthur Zeckendorf of Zeckendorf Development. Set on 60th Street two blocks east of Central Park, 520 Park Avenue is designed to rival another, wildly successful Zeckendorf project: 15 Central Park West, now a billionaire enclave and one of New York’s most prestigious addresses.
“Clearly 520 Park is the 15 Central Park West of the Upper East Side,” Arthur Zeckendorf told Forbes. “Both buildings were designed to be sister buildings.” He described the penthouse at 520 Park as having 15-foot ceilings, with old world finishes and modern amenities.
The luxury condos at 15 Central Park West sold out in four years to buyers including Goldman Sachs CEO Lloyd Blankfein, hedge fund billionaire Daniel Loeb, Spanx billionaire Sarah Blakely, the musician Sting, and actor Denzel Washington. The tower even inspired a book:House of Outrageous Fortune, by Michael Gross, which documented a supposed war for one of its penthouses between Loeb and activist investor Carl Icahn.
The Zeckendorfs are hoping for another home run, but there is a real question of how much more luxury the New York City market can take. Several other high-rise residential luxury developments are underway just south and east of Central Park, including Extell’s One57 tower at 57th Street, Harry Macklowe’s 432 Park Avenue, and the super-skinny 111 West 57th Street, which will be just 60 feet wide. The first of the super towers, One57 quickly sold half its apartments in 2012, but now stands at only about 70% sold, sources tell Forbes.
“My gut feeling is that there’s only so much demand for this type of product,” says Ben Thypin, director of market analysis at Real Capital Analytics. “One 57 is seeing trickling demand.”
Read More: http://www.forbes.com/sites/erincarlyle/2014/09/24/manhattans-new-most-expensive-listing-a-130-million-park-avenue-penthouse/
Ben Carlos Thypin
I am currently the co-founder of Quantierra, the world's first data driven real estate brokerage and investment manager. In my former life as Director of Market Analysis at Real Capital Analytics, I worked with press outlets large and small to provide them with great data and insightful commentary. Here are some of the results of this collaboration. For the rest, please check out the News Archive.