Contained in the $250 million penthouse on ‘Billionaires’ Row’

A penthouse atop the world’s tallest residential constructing − listed for $250 million − is marking the most important take a look at 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. Additionally it is the best, 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 word actual property trophy for a billionaire trying to tower over New York Metropolis.

The Staircase at The Penthouse at Central Park Tower

Supply: Evan Joseph

“I have been promoting actual property for 15 years now, and I’ve bought among the costliest actual property in New York, Florida, in every single place,” mentioned Ryan Serhant, of Serhant, who’s advertising the penthouse. “I’ve by no means seen something like this house.”

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 financial system. Luxurious actual property gross sales in Manhattan have slowed dramatically in current months. The variety of signed contracts for properties priced at $5 million or extra fell by practically half in August in comparison with a yr in the past, in line with a report from Miller Samuel and Douglas Elliman.

For the yr, gross sales of residences priced at $10 million or extra have declined 38%, in line with Miller Samuel. The most costly sale of the yr in Manhattan to date is a $74 million penthouse of the brand new Aman New York condominium.

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

“I take into account this a fantasy value,” mentioned Donna Olshan, Manhattan the luxurious dealer.

Olshan mentioned there have been 23 closed gross sales within the constructing this yr, with a mean price-per-square-foot of $5,228. The penthouse, which is way bigger with increased ceilings, views and facilities, is in search of extra $14,000 per sq. foot.

The Penthouse at Central Park Tower: Dawn Dealing with South

Supply: Cody Boone, SERHANT Studios

However Serhant mentioned the worth 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 do know it sounds loopy, bur comparatively talking, it is priced at an excellent worth on a per-square-foot foundation,” he mentioned. “It is only a very, very large house with plenty of facilities.”

The triplex has seven bedrooms, eight loos and three powder rooms. A stairwell that winds its manner up by way of the three tales is the centerpiece of the principle salon, and a 2,000-square-foot ballroom on the highest flooring has 27-foot excessive ceilings.

Central Park Tower was constructed by Extell Growth, the developer behind a number of of Manhattan’s new super-towers. To guard the privateness of would-be patrons, Extell and Serhant are limiting public viewings of the unfurnished house to a couple choose areas.

The Grand Salon at The Penthouse at Central Park Tower

Supply: Evan Joseph | Central Park Tower

The house has the best terrace on the earth, a glass-rimmed platform hovering 1,460 toes above Manhattan. It additionally comes with a lavish checklist of constructing facilities, together with a 60-foot outside pool, 62-foot indoor saltwater pool, spa, non-public backyard, sport room, convention room, health middle, 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 under like a inexperienced welcome mat and hills of New Jersey and New York suburbs seen within 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 house is somebody who’s trying to diversify their property,” he mentioned. “It is somebody who most likely owns costly artwork, most likely has an costly automobile assortment and different issues, and so they need the most effective of the most effective.”

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

“Once they noticed it come onto the market just a few days in the past, they reached out and mentioned ‘Is that this the most effective house on the earth?’ I mentioned ‘sure,’ and so they mentioned ‘I am going to fly in to see it’.”

The Penthouse at The Central Park Tower: Sundown over Central Park.

Supply: Cody Boone, SERHANT Studios

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