New $150 Million Luxury Condo Breaks NYC Price Record


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520 Park Avenue Rendering

Just when you thought New York’s luxury real estate market had hit its peak, there’s now an even loftier summit. Chetrit Group, co-owner of Willis tower, set the price of their new 21,500-square foot Midtown triplex at a jaw-dropping $150 Million, shattering the previous figure for a residential listing — a now affordable sounding $130 Million offering planned at Zeckendorf Development Co.’s 520 Park Ave.

The highly priced luxury condo is a part of Cherit Group’s plan to transform Sony Corp’s former U.S. headquarters at 550 Madison Ave into luxury residences. The new triplex, which takes up the 33rd through 35th floors, will have eight bedrooms, eight bathrooms, a spa and a wine room.

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550 Madison Ave

And while the price of the new luxury condo is certainly attention grabbing, it remains to be seen if any haute buyers will actually be willing to pay for such a highly priced unit. So far, the highest price ever paid for a luxury condo in the city only stands $100.5 million. The original asking price for that unit, a duplex penthouse at One57 tower, was originally set at $115 million. According to Jonathan Miller, president of New York appraiser Miller Samuel Inc, builders are offering their most luxurious units at increasingly high prices as a way of standing out from the crowd. They’re trying to test the upper limits of what ultra-rich investors are willing to pay for property in the city.

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One57 Tower’s duplex penthouse recently sold for $100.5 million to a secret buyer.

“No one knows where the ceiling is and they’re trying to find it,”Said Nancy Packes, a marketing and design consultant to New York residential builders. According to data compiled by Corcoran Sunshine Marketing Group, 2,386 newly built luxury condos will be listed for sale in Manhattan in 2015, which is the most on record.

(Via Chicago Tribune)