Extell has the only new product to offer in the uber-luxury market. Hence, Barnett is eager to proceed with 225 W57th.
NY REAL ESTATE RESIDENTIALDECEMBER 30, 2011.Mere $110 Million
Penthouse Near Carnegie Hall Gets Ever-Higher Asking Price.
By JOSH BARBANEL
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.