A record-breaking year

2012 saw the sale of the most expensive co-op, and the groundbreaking of what is to be the city’s tallest residential tower
By Hayley Kaplan | December 28, 2012 03:30PM

Even in a year of uncertainty — between the presidential election and the looming fiscal cliff — New York still managed to shatter several of its real estate records. Here’s a recap of the barriers broken in 2012.

Most expensive co-op listed and sold

When songwriter Denise Rich’s 12,000-square-foot duplex penthouse traded in November for $54 million, the apartment became the priciest New York City co-op ever sold. The apartment is located at 785 Fifth Avenue at East 60th Street. Bonnie Evans, Noble Black and Chezz Levi of the Corcoran Group were the listing agents. Music mogul David Geffen purchased Rich’s unit, which sits directly above another unit he owns, for significantly less than its $65 million asking price.

Tallest residential building begins construction

Construction this year began at 432 Park Avenue, where CIM Group and Macklowe Properties are planning the city’s tallest residential tower — some 84-stories high. The 1,398-foot building will rise at the site of the former Drake hotel. It will be home to nearly 150 luxury condominiums as well as retail spaces. SLCE Architects is designing the building, set to open its doors in early 2016.  One57 is currently the city’s tallest residential tower in the city.

Most expensive apartment ever purchased

An undisclosed buyer purchased the duplex penthouse at Extell Development’s One57 for upwards of $90 million, which set a record for the most expensive New York apartment sale on record. The price broke the record set only months earlier when Dmitri Rybolovlev paid $88 million for a penthouse at 15 Central Park West; that unit as sold by Citigroup Chairman Sanford Weill.

Most expensive apartment ever purchased below 59th Street

Leslie Alexander, the owner of the NBA’s Houston Rockets, purchased the penthouse at 18 Gramercy Park for $42 million — the highest price ever paid for a Manhattan apartment south of 59th Street, according to Jonathan Miller of the analytics firm Miller Samuel. The five-bedroom duplex has four terraces and an outdoor swimming pool. Melanie Lazenby at Douglas Elliman brokered the sale.

Most expensive listing

This year, New York City got its first nine-figure listing. In July, real estate developer Steven Klar put his 8,000-square-foot CitiSpire triplex on the market for $100 million. The unit boasts a wrap-around terrace with panoramic Central Park views. Douglas Elliman’s Raphael De Niro has the listing, which has sat on the market for five months without a reduction in price. Real estate insiders have called into question the astronomical price tag of the Midtwon apartment, saying the unit is worth about half of its current asking price. Klar bought the condo in 1993 for the relatively miniscule $4.5 million.