Penthouse at 111 West 57th Street fetches over $50M

Billionaires’ Row sale is good sign for Covid-era luxury market

New York /
Dec.December 09, 2020 08:50 AM
111 West 57th Street and JDS Development's Michael Stern (Photos via JDS)

111 West 57th Street and JDS Development’s Michael Stern (Photos via JDS)

A penthouse apartment at 111 West 57th Street has gone into contract for more than $50 million.

The deal in the under-construction ultra-skinny tower on Billionaires’ Row, reported by the Wall Street Journal, is one of the priciest since the pandemic started.

Offering plans list the unit at $57 million. JDS Development’s Michael Stern did not reveal the price or buyer.

In 2019, a penthouse in the building fetched $58 million.

Earlier this year, a few months into the pandemic, two other apartments at the property sold for over $30 million apiece.

There are several penthouses in the building. Located at an elevation of about 1,000 feet, the latest one to find a buyer is 7,103 square feet and has four bedrooms and five and a half bathrooms, according to the offering plan.

The deal is notable during a period that has seen Manhattanites flee and affluent buyers focus on homes outside the borough. In the third quarter, luxury home sales in Manhattan were down 46.7 percent from the same period in 2019.

[WSJ] — Sasha Jones

 

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