The Real Deal New York

This penthouse is hitting the market for a whopping $78M

The unit at Madison Square Park Tower includes two separate studios
By Meenal Vamburkar | November 01, 2018 06:00PM

Interior of the Madison Square Park Tower penthouse at 45 East 22nd Street

A triplex penthouse at Madison Square Park Tower is hitting the market with hefty price tag: $77.7 million.

The asking price is also a nod to the apartment’s elevation, at 777 feet, Mansion Global reported. Douglas Elliman’s Fredrik Eklund, John Gomes and Noble Black have the listing.

The penthouse at 45 East 22nd Street spans more than 13,000 square feet. It includes two separate studio apartments for staff or office spaces — plus two parking spaces with direct access from a private elevator. Though there is no official listing yet, the penthouse and studios span roughly 15,000 square feet, according to the publication, which pencils out to an ask of roughly $5,000 per square foot.

Madison Square Park Tower at 45 East 22nd Street

The property is being marketed as “raw space” but does have three potential designs.

“We’ve believed all along that any buyer who wants to buy this penthouse will want his/her own finishes,” Eklund told Mansion Global.

The 65-story tower — developed by Ian Bruce Eichner’s Continuum Company — has 83 units, with prices starting at $2.7 million for a one-bedroom apartment. The building’s amenities include a golf simulator, bi-level library, a basketball half court and a private lounge.

In July, Continuum landed a $167.5 million condo inventory loan from Madison Realty Capital for the project. The financing, sources told The Real Deal, will put to rest disputes between the developer and Fortress Investment and Dune Real Estate Partners, the preferred-equity investors on the project. Earlier this year, Eichner alleged that Fortress and Dune were trying to derail his efforts to refinance the project so they could protect their returns, pushing him to the verge of default.

This listing is joining several other pricey penthouses on the market. The trophy properties have piled up thanks to the broader luxury market slowdown. The triplex penthouse at 212 Fifth Avenue is asking $73.8 million. When 111 West 57th Street launched sales in September, listings included a duplex penthouse asking $56 million. And another at 56 Leonard is listed for $49.5 million. [Mansion Global] — Meenal Vamburkar