The Real Deal New York

Chetrit to ask record-shattering $150M for Sony Building penthouse

Triplex at 550 Madison to be NYC’s new priciest listing, will measure 21K square feet

February 17, 2015 03:20PM
By E.B. Solomont

From top: The upper and middle levels of 550 Madison Avenue (Credit: E.B. Solomont)

From top: The upper and middle levels of 550 Madison Avenue’s triplex penthouse (Credit: E.B. Solomont/The Real Deal | Click to enlarge)

A triplex penthouse at the Chetrit Group’s 550 Madison Avenue will have the astronomical price tag of $150 million and is slated to shatter the record for the city’s priciest listing, The Real Deal has learned.

The $150 million penthouse will encompass floors 33 through 35 of the 37-story tower between 55th and 56th streets, according to an offering plan filed with the New York Attorney General’s Real Estate Finance Bureau and reviewed by TRD. The residence will be serviced by a private elevator and will measure a whopping 21,504 square feet – a vast space that will hold eight bedrooms, eight bathrooms and 10 powder rooms, according to the offering plan. Douglas Elliman is listed as the selling agent.

The asking price per square foot for the 550 Madison triplex is about $6,975, in comparison to the $10,489 per square foot the Zeckendorfs are planning to ask for their $130 million triplex atop 520 Park Avenue.

Chetrit is bringing 96 ultra-luxe condos to Sony’s former headquarters for a total sellout of $1.8 billion, as TRD reported.  The developer and an investor group paid $1.1 billion for the property in 2013. The principal sponsors of the condos are Meyer Chetrit and David Bistricer of Clipper Equity.

The lower level of 550 Madison's triplex penthouse (Credit: E.B. Solomont)

The lower level of 550 Madison’s triplex penthouse (Credit: E.B. Solomont | Click to enlarge)

The city’s current pricing listing is a $118 million three-unit combination at the Ritz Carlton in Battery Park City.

Meanwhile, a $100.5 million penthouse condo at Gary Barnett’s One57 became the city’s priciest-ever condo sale when it closed last year for about $9,200 per square foot. Before that, the $88 million purchase in 2012 of Sanford Weill’s 15 Central Park West penthouse, which closed  for about $13,000 per square foot, was the highest price paid for a Manhattan pad.

  • fools

    BUBBLE!!!!!!!!!!!!!!!!! hahaha wait till interest rates go up LMAO!

    • Crian Bashman

      You are right, I imagine the LLC that is going to buy this unit will be getting a FHA Mortgage with 3.5% down.

      • Sammy

        with the amount of foreign capital, we aren’t talking peak or collapse. they are stabilizing the market.

      • Dan

        If you don’t think low interest rates are a big driver for this market than you are naive. Yes, there are lots of cash buyers but that is a segment of the market, not the entire market. If I were Chetrit I’d be somewhat worried…how do you pay 1.1B, invest X hundred million dollars in a renovation, and be comfortable with a 1.8B sellout, best case? Glad it’s not me doing that project.

        • moneytalks

          They say it will cost $500 Million for the renovation. They will also have commercial space.

        • Sammy

          the FOMC doesn’t have a hole in their brain. dont expect rates to jump from 0.25 to 12% over night. a rise in interest rates will be gradual

        • Guest

          The retail is worth a fortune

  • Proper

    views of the park?

  • Tony R

    Leave it to one of the young gunners to sell this one. Benalloul or Noble Black who do you think sells it first?

    • truth

      are you ok? Benallall? huh?

    • Guest

      Benalloul guy doesn’t even have real exclusives. They show 4 listings on their site it’s not even there exclusive , stealing it from other firms. Joke. Good PR tho

  • David Schorr

    May as well go for $1 BILLION!!! Why not?

  • Me Here

    What does a simple 1 br apt in Manhattan go for these days?

    • NYC

      $750,000-$1,000,000+

    • buyhiselllo

      $750k-$1.4m
      many factors including coop/condo, age, location, finishes

  • irobot

    didn’t anyone tell that that this movie is over!!!

  • Joe D. Cox Jr.

    That tells you something about the real estate market in the Big Apple. It’s really expensive to live there.

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