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18th January 2015

Global Economy & Global Real Estate

Manhattan penthouse fetches record $133m

11,000 sq ft duplex unit near Carnegie Hall sets new bar in New York City

Source: Straits Times / News

New York - A duplex penthouse spanning the top two floors of the One57 condominium tower in New York City has sold for US$100.5 million (S$133 million), setting a record for the most expensive residential deal ever completed in Manhattan.

The sale of Unit 90, which spans all of the 89th and 90th floors of the 306m tower, closed on Dec 23 last year, according to records made public by the New York City Department of Finance last Friday afternoon. The buyer was listed as P89-90 LLC.

The six-bedroom apartment, with almost 11,000 sq ft of space, was last listed for sale at US$115 million, according to a price list filed with the New York state attorney-general's office.

The duplex was marketed at US$98.5 million before the builder, Extell Development, raised prices in response to strong demand.

The deal sets a new bar for the Manhattan residential market, breaking a record set in 2012 when former Citigroup chairman Sanford Weill sold his penthouse at 15 Central Park West for US$88 million.

One57, located near Carnegie Hall, broke ground in the middle of the global property rout in 2009, setting off a high-end residential development boom in midtown Manhattan.

At least six skyscrapers aimed at multi-millionaires, including Zeckendorf Development's 520 Park Ave and Vornado Realty Trust's 220 Central Park South, are under construction in the area.

Another tower off 57th Street, 432 Park Ave, where a buyer agreed to pay US$95 million for a penthouse, will open later this year.

Sales at One57 began in 2011 and reached US$1 billion in the first six months.

Another duplex at the building, spanning the 75th and 76th floors, is under contract to be sold for more than US$90 million to an investment group that includes Mr Bill Ackman, founder of the New York-based hedge fund firm Pershing Square Capital Management. That deal has yet to be recorded in public records.

Sales at One57 have slowed to a trickle amid competition from other properties reaching the market.

Just one contract was signed in each of the first three quarters of last year, Extell said in a filing on the Tel Aviv Stock Exchange, where the company sells debt to investors.

As of the end of September last year, 24 of the project's 94 condos were unsold.

-By Bloomberg