When construction topped out at New York’s Central Park Tower, the Billionaires’ Row mega-tower set a record for the world’s tallest residential condominium, at 1,550 feet high. Now, developer Gary Barnett is gunning for yet another record, aiming to achieve the country’s highest-ever home sale price.
Mr. Barnett’s Extell Development is asking for $250 million for the building’s penthouse, a triplex positioned at a height of more than 1,400 feet. The listing is the most expensive in the U.S., topping the $225 million listing for Michael Eisner’s California estate.
If it fetches its asking price, the Central Park Tower penthouse would be the country’s most expensive deal to date. The previous record was set when hedge-fund billionaire Ken Griffin paid about $238 million for a condo across the street at 220 Central Park South.
With the ultrahigh price point, Extell is hoping to tap into a growing submarket for $100 million-plus homes. A string of nine-figure deals has closed across the country over the past two years, in New York, Miami, Malibu and Palm Beach. Experts say those deals seem detached from the realities of the broader U.S. housing market, which has recently taken a tumble amid inflation, rising interest rates and recession fears.
“The nine-figure club is a special club, and that club is also now looking to own nine-figure real estate,” said listing agent Ryan Serhant of Serhant. “It’s a new paradigm now. The uber-wealthy are looking for places to diversify assets, and real estate has become one of the most popular and sought after mega-assets. The levels have exploded.”
Located on 57th Street between Seventh Avenue and Broadway, Central Park Tower launched sales in October 2018. Construction on the 179-unit building began in 2014 and was completed earlier this year. Mr. Barnett said he wanted to wait for construction on the tower to be complete before marketing the penthouse, which spans the 129th through 131st floors and measures more than 17,500 square feet. The seven-bedroom home has ceiling heights of up to 30 feet and a winding sculptural staircase connecting the floors, Mr. Serhant said. The uppermost floor is currently configured as a private ballroom or entertainment space, Mr. Barnett said. The pièce de résistance: a private, roughly 1,400-square-foot terrace with views of the city, Central Park and the Hudson and East rivers.
Mr. Serhant said the massive price tag is warranted because unlike some other big-ticket condo purchases, this penthouse was designed to be one unit, and doesn’t have to be reconfigured or combined with other apartments.
“You don’t have to renovate for four years to create your dream home. It’s been built for you,” he said.
He added that this unit is the highest in the tower and has unobstructed views, whereas Mr. Griffin’s is only about halfway up 220 Central Park South and has partially obstructed views.
While Mr. Barnett admitted that $250 million is an ambitious figure, he argued that it is a relative bargain in this instance. At about $15,000 a square foot, the price is roughly comparable to what some buyers have paid at Vornado Realty Trust’s 220 Central Park South, he said. Though it didn’t sell, a penthouse owned by Saudi retail and real-estate magnate Fawaz Al Hokair at nearby 432 Park Avenue was also recently marketed for more than $20,000 a square foot. That unit doesn’t have private outdoor space, Mr. Barnett said.
He emphasized that the building’s height makes the penthouse “unique in the world.” “How many things can you really say that about?” he said.
Mr. Barnett also pointed to recent major art sales as evidence that the billionaire buyer pool is more active than ever.
“There’s a bunch of artwork going for $100 million and even $200 million,” he said. “When you compare that to 17,000 feet of steel and brick and glass at the top of the world, this seems like a relative bargain.”
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