The Real Deal Miami

Record-shattering $150M asking price for Sony building PH in NY

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

February 17, 2015 04:30PM
By E.B. Solomont

  • Print
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)

From the New York site: 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)

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.

MENU