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Old Posted Dec 30, 2011, 11:39 AM
RobertWalpole RobertWalpole is offline
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Extell has the only new product to offer in the uber-luxury market. Hence, Barnett is eager to proceed with 225 W57th.

http://online.wsj.com/article/SB1000...NewsCollection

NY REAL ESTATE RESIDENTIALDECEMBER 30, 2011.Mere $110 Million
Penthouse Near Carnegie Hall Gets Ever-Higher Asking Price.

By JOSH BARBANEL



Quote:
It may be the most expensive home listing ever in Manhattan: $110 million for a glass-walled penthouse overlooking Central Park on top of what will soon be the borough's tallest residential building.

The prize for that eye-popping price tag is a six-bedroom apartment covering 10,923 square feet at One57, a tower under construction by Extell Development Co., on West 57th Street opposite Carnegie Hall. The $110 million figure is nearly 12% above an earlier asking price for the unit, according to documents filed with the New York state attorney general.

The richer listing price is one result of a recent deal to sell the 20th-floor penthouse owned by Sanford I. Weill, the former chairman and chief executive and chairman of Citigroup Inc. The Weill apartment—at 15 Central Park West, a few blocks away from One57—went into contract for $88 million, a record.

Now some brokers say the Weill sale may give a jolt to an already strong high-end market. Extell is betting that other buyers are willing to pay many millions more than previously thought for a chance to live in the clouds above Central Park.

The One57 tower eventually will rise to more than 1,004 feet, including a curved, glass top covering a cooling tower, when the building opens in 2013. It would be the tallest residential development in New York, though even taller residential buildings have been proposed, but not yet begun.

Last edited by NYguy; Dec 30, 2011 at 2:56 PM.
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