One57 penthouse sells for more than $90M, breaks price record

TRD New York /
May.May 18, 2012 08:30 AM

Gary Barnett has set a new record for a New York apartment sales price with the deal for a penthouse apartment at his One57. According to the New York Times, an undisclosed but recognizable buyer has signed a contract, worth between $90 million and $100 million, for the 10,923-square-foot penthouse on the 89th and 90th floors of the forthcoming building.

The price breaks the record set earlier this year when Dmitri Rybolovlev paid $88 million for a penthouse at 15 Central Park West, but still pales in comparison to the more than $13,000 he paid per square-foot.

The buyer agreed to the purchase more than three months ago, before the “bargain” asking price was raised to $115 million from $98.5 million. Barnett said he nearly broke the $100 million barrier with a buyer who was looking at combining the 13,000-square-foot “Winter Garden” duplex unit with another full-floor for a price between $100 million and $150 million. But that deal fell through.

Barnett said half of the building’s 92 units are spoken for, while the New York Post reported that design flaws have scared away some buyers. Among their concerns is a lack of elevators, which would be problematic for upper floor buyers. [NYT] and [Post]

Related Articles

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Central Park Tower

Extell just went public with Central Park Tower listings

Such investments have become a critical source of financing for New York real estate projects in recent years. (Credit: iStock)

Preferred equity plays are on the rise, but what’s the catch?

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at
One Manhattan Square

A sponsor unit at One57 lists for $58.5M

Late Brazilian billionaire’s One57 pad hits market asking nearly $10K psf

A sponsor unit at Extell’s One57 just sold at a 24% discount