Bloomberg News

Asking Price for Manhattan Penthouse Jumps 12% to $110 Million

January 04, 2012

Dec. 30 (Bloomberg) -- The developer of One57, slated to become New York City’s tallest residential building, raised the asking price for the six-bedroom penthouse overlooking Central Park by 12 percent, to $110 million.

The previous price for the 11,000-square-foot (1,020- square-meter) unit, which will take up the tower’s 89th and 90th floors, was $98.5 million, according to Gary Barnett, president of the Extell Development Co. Prices have gone up an average of 3.9 percent for the building’s 95 condominiums since sales began about a month ago, he said.

“We’re reflecting the sales in the marketplace,” Barnett said today in a telephone interview. “Given where the market is, we’re being very conservative on pricing.”

A sale at that price would make it the most expensive deal for a single residence ever in Manhattan, according to Jonathan Miller, president of New York appraiser Miller Samuel Inc. The full-floor penthouse at 15 Central Park West owned by Sanford Weill, former chairman of Citigroup Inc. is being purchased for the daughter of Russian billionaire Dmitry Rybolovlev, according to Alan Basiev, a spokesman for Rybolovlev. The 6,744-square- foot condo was listed for $88 million.

The prior record for a Manhattan residence was the $53 million sale of a townhouse to private-equity investor J. Christopher Flowers in 2006, Miller said.

The asking price for the One57 penthouse was reported earlier today by the Wall Street Journal.

Apartments in the tower across West 57th Street from Carnegie Hall, scheduled for completion in 2013, begin at about $6.5 million for a two-bedroom unit, according to Barnett.

Extell also increased the price for a 13,500-square-foot condo on the 75th and 76th floors from $98.5 million to $105 million, Barnett said. That unit, known as the “winter garden duplex,” has room for either a 2,500-square-foot, glass- enclosed garden or a swimming pool, he said.

--With assistance from Nadja Brandt in Los Angeles. Editors: Christine Maurus, Daniel Taub

To contact the reporter on this story: Prashant Gopal in New York at pgopal2@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net


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