Inside the $250 million penthouse on ‘Billionaire Row’

A penthouse atop the world’s tallest residential building – listed for $250 million – is marking the biggest challenge of the ultra-luxury property market at a time of falling sales and real estate. economic stability is increasing.

The large three-story home inside the Central Park Tower, which measures more than 17,500 square feet, is the most expensive home in the country. It is also the tallest, at more than 1,400 feet and stretching from the 129th to the 131st. Located on Manhattan’s “Billionaire Row” – a strip of super-tall skyscrapers along the southern edge of the Park Central – it’s being marketed as the ultimate real estate title for a billionaire looking to overtake New York City.

“I have been selling properties for 15 years now and I have sold some of the most expensive properties in New York, Florida, everywhere,” said Ryan Serhant of Serhant, who is marketing the penthouse. “I’ve never seen anything like this apartment.”

The big question is whether the listing can fetch the asking price as storm clouds gather over real estate, financial markets and the broader economy. Sales of luxury real estate in Manhattan have slowed significantly in recent months. According to a report from Miller Samuel and Douglas Elliman, the number of contracts signed for properties priced at $5 million or more nearly halved in August from a year ago.

This year, sales of apartments priced at $10 million or more are down 38 percent, according to Miller Samuel. The most expensive sale of the year in Manhattan by far is a $74 million penthouse of the new Aman New York condominium.

Some brokers say that the $250 million price tag for the Central Park Tower penthouse is unrealistic.

“I consider this an imaginary price,” said Donna Olshan, a luxury realtor in Manhattan.

Olshan said there have been 23 closures in the building this year, with an average price per square foot of $5,228. The penthouse, much larger with higher ceilings, views and amenities, is looking for an extra $14,000 per square foot.

Still, Serhant said the price was right, having sold a penthouse at nearby 220 Central Park South for $190 million, or $20,000 per square foot.

“I know that sounds crazy, relatively speaking, it’s priced very high per square foot,” he said. “It’s just a very, very big apartment with a lot of amenities.”

The three-story apartment has seven bedrooms, eight bathrooms and three dressing rooms. A staircase that winds through three floors is the centerpiece of the main salon, and a 2,000-square-foot ballroom on the top floor has 27-foot ceilings.

Central Park Tower was built by Extell Development, the developer behind some of Manhattan’s new super towers. To protect the privacy of prospective buyers, Extell and Serhant are limiting the public view of unfurnished apartments to select areas.

The house has the tallest terrace in the world, a rimmed glass platform 1,460 feet higher than Manhattan. It also comes with a lavish list of building amenities, including a 60-foot outdoor pool, 62-foot indoor saltwater pool, spa, private garden, games room, conference room , fitness center, squash court, screening room, private restaurant with Michelin – star chefs and wine and cigar lounge.

Serhant says the apartment’s greatest amenity is the 360-degree views, with Central Park spreading out below like a welcoming green carpet and the hills of upstate New Jersey and New York can seen in the distance.

He said he has seen strong interest from the super-rich, who are less affected by stock market declines, rising exchange rates and recession fears.

“The buyers of this apartment are people who are looking to diversify their assets,” he said. “It’s someone who can own expensive artwork, maybe have a collection of expensive cars and other things, and they want the best of the best.”

Serhant said a billionaire flew this week just to see the apartment.

“When they saw it hit the market a few days ago, they reached out and said ‘Is this the best apartment in the world?’ I said “yes” and they said, “I’ll fly over to see it.”