New York City has some of the priciest real estate in the world. Where else can someone spend $250 million on a single apartment? Perhaps at Central Park Tower where the triplex Penthouse was listed in the fall of 2022 at that price. If the property sells at that price, it will be the most expensive property in Manhattan to ever sell.
To-date, however, the most expensive apartment in NYC that has been sold is next door at the ultra-luxury 220 Central Park South, where a penthouse sold for $238 million. This apartment was sold even before it even hit the market. Overlooking Central Park, this apartment is on 4 floors and has 23,000 square feet of interior space and 649 square feet of outdoor space. At $238 million it is clearly the single most expensive home in the US and is one of architect Robert A.M. Stern’s signature designs.
Who was the buyer? Billionaire Ken Griffin, founder of the hedge fund Citadel. While the $238 million price tag is certainly an outlier, NYC has seen some properties in its newest towers trade upwards of $90 - 100 million, record prices for the city.
In early 2023, the top Penthouse at Central Park Tower, the tallest residential apartment in the world, which takes up 3 full floors, was listed for $250 million and a duplex of two full floors in the same building listed for $175 million. Time will tell how much these sell for and exactly when.
Why are the richest men and women in the world cherry-picking $90, $45, or $25 million residences? It is a global phenomenon. It is a signifier that Manhattan is the capital of the world and the Manhattan brand is untarnished. It costs an average of $1.8 million to buy a piece of the Big Apple, and that's just in Manhattan. But, this is just the starting point when looking at real luxury residential homes in the city.
For those looking for the most expensive property in Manhattan, the buyer will concentrate in the ultra-luxury segment, not just the luxury segment. The luxury segment is defined as the top 10% of sales in Manhattan. Accordingly, the average price of a luxury property is $7.7 million or $2,900 per square foot. The luxury segment, however, can be divided further into ultra luxury (approximately $5,000 per square foot and up), super luxury ($3,000 - $5,000 per square foot) and luxury. The most expensive house in NYC can trade at $13,000 per square foot or more.
What distinguishes the most expensive homes for sale from the ordinary? Apartments that have full floors, private outdoor space, such as its own terrace or private roof deck, floor to ceiling windows, oversized living spaces,
Which other buildings have the most expensive Manhattan condos for sale? While the Upper East Side has its fair share, downtown Manhattan also has some great buildings such as 150 Charles Street, the Woolworth Building and Madison Park Square Tower. Most recently, Billionaire’s row towers that boast Central Park views, has attracted some of the most expensive properties with the addition of Central Park Tower, 15 Central Park West, 520 Park Avenue, 432 Park Avenue, One 57, 111 West 57th St, 53 W53rd Street and Time Warner Center.