Inside the $250 million penthouse on ‘Billionaires’ Row’

A penthouse atop the world’s tallest residential constructing − listed for $250 million − is marking the largest check 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 can be the highest, 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 actual property trophy for a billionaire trying to tower over New York City.

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

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 almost half in August in comparison with a 12 months in the past, in line with 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%, in line with Miller Samuel. The costliest sale of the 12 months in Manhattan to this point is a $74 million penthouse of the new Aman New York condominium.

Some brokers say the $250 million asking value for Central Park Tower penthouse is unrealistic.

“I consider this a fantasy price,” mentioned Donna Olshan, Manhattan the luxurious dealer.

Olshan mentioned there have been 23 closed gross sales in the constructing this 12 months, with a mean 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.

But Serhant mentioned 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 know it sounds crazy, bur relatively speaking, it’s priced at a great value on a per-square-foot basis,” he mentioned. “It’s just a very, very big apartment with lots of amenities.”

The triplex has seven bedrooms, eight bogs and three powder rooms. A stairwell that winds its method up by way of the three tales is the centerpiece of the fundamental salon, and a 2,000-square-foot ballroom on the prime ground 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 defend the privateness of would-be patrons, Extell and Serhant are limiting public viewings of the unfurnished house to a couple choose areas.

The dwelling has the highest terrace in the world, 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 outside pool, 62-foot indoor saltwater pool, spa, non-public backyard, sport room, convention room, health heart, squash court docket, 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 beneath like a inexperienced welcome mat and hills of New Jersey and New York suburbs seen in 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 apartment is someone who is looking to diversify their assets,” he mentioned. “It’s someone who probably owns expensive art, probably has an expensive car collection and other things, and they want the best of the best.”

Serhant mentioned one Billionaire was flying on this week simply to see the house.

“When they saw it come onto 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 in to see it’.”