It’s no surprise that Extell Development President Gary Barnett said the $110 million he is asking for a penthouse in the forthcoming One57 condominium is a bargain, but according to Forbes there is some sales data to support Barnett’s seemingly wild claim.
For example, the $88 million Russian billionaire Dmitry Rybolovlev reportedly paid for 6,744 square feet at 15 Central Park West comes out to about $13,049 per square foot, whereas the $110 million penthouse has 10,923 square feet, rendering its asking price $10,070 per square foot.
While, the magnitude of the 15 CPW sale is somewhat of an outlier – the median price per square foot of a Manhattan apartment in the fourth-quarter was $1,117, according to the most recent market reports – the top portion of the Manhattan sales market has been hot since the end of 2010. “When you see a record transaction, other listings enter the market because they are confident that they aren’t an outlier. It’s a sign there are buyers in this price strata,” appraiser Jonathan Miller said.
For example, the $48 million Russian composer Igor Krutoy paid for a 6,000-square-foot apartment at the Plaza in March 2011 comes out to about $8,000 per square foot, and a 4,400-square-foot penthouse at the Time Warner Center upped its asking price to $60 million in September, or $13,700 per square foot.
“We are seeing a lot of sales in the market [with] asking prices of $7,000 to $10,000 per square foot,” Barnett said, “on buildings of inferior quality.” [Forbes]