The Real Deal New York

By the numbers: Penthouse perspectives

A view on how the priciest Manhattan apartments stack up against, well, everything
By Jill Noonan & Jennifer White Karp | March 01, 2015 07:00AM
One57

One57

Just three years ago, a penthouse at 15 Central Park West sold for $88 million, shattering the record for the priciest New York City home sale ever. At $13,000 per square foot, it’s still a record holder, but the overall price looks like child’s play compared to today’s mega sales. Late last year, for example, Gary Barnett’s Extell Development closed a $100.5 million penthouse at One57 (for about $9,200 per square foot). But even that record may not stick for long. As The Real Deal reported exclusively last month, the Chetrit Group and David Bistricer’s Clipper Equity plan to list a unit for an audacious $150 million at 550 Madison Avenue, the former Sony headquarters, which they are converting to condos. An offering plan filed with the state Attorney General’s office shows it will measure a whopping 21,504 square feet — a vast space holding eight bedrooms, eight bathrooms and 10 powder rooms. Shockingly, at about $6,975 per square foot, it may be a good deal — at least for a small group of 1 percenters. By comparison, the Zeckendorfs plan to ask $130 million, or $10,489 per foot, for the triplex atop 520 Park Avenue. And the city’s current pricing listing Downtown is a $118 million three-unit combo at the Battery Park City Ritz Carlton for roughly $7,600 a foot. Here’s a look at how these record-breakers compare to everything from the world’s most expensive homes to municipal budgets to the economies of small countries.

11%

Antilia in Mumbai India

Antilia in Mumbai India

The price increase the first apartment flipped at One57 saw in the five-month period between May and October. By comparison, the median price of the entire residential Manhattan market appreciated 8.8% last year.

$237 million

The total paid in May for the most expensive apartment in the world, a penthouse at the Candy Brothers’ One Hyde Park in London. The unknown buyer shattered the prior record, a $221 million sale in 2011 in the same tony Knightsbridge neighborhood.

$500 million

Estimated value of the most expensive home in the U.S., Ira Rennert’s Sagaponack, N.Y. “Fair Field.” The property has never changed hands, so it’s impossible to know what it would actually sell for. The top Hamptons trade was hedge funder Barry Rosenstein’s $147 million purchase of an 18-acre beachfront spread on Further Lane last year.

$1 billion

The reported value of the world’s most expensive home — a 27-story, 400,000-square-foot home known as Antilia in Mumbai, India, owned by business mogul Mukesh Ambani, who has a reported net worth of more than $22 billion. The home has three helicopter pads, underground parking for 160 cars, and a staff of 600.

$1.74 million

The average sales price of an apartment in New York City in 2014, a new record, up from 2013’s high of $1.5 million.

$69,659

Median annual household income in Manhattan, where the median monthly rent is $3,100.

$28.4 million

Funding allocated for rental assistance programs to move the homeless out of shelters in Mayor Bill de Blasio’s $77.7 billion preliminary budget for fiscal year 2016, unveiled in early February.

Beyonce$186.9 million

The GDP of the Marshall Islands, a tiny island economy, ranked one of the lowest in the world in a list of just over 200 nations. The U.S. provides the Marshall Islands with approximately $70 million annually.

$10 million

Value of the Lorraine Schwartz diamond and emerald jewelry Beyonce rocked at the 2015 Grammys, with 150 carats of diamonds and emeralds on her fingers.

$6.25 million

The additional sum New York City now pays to provide 177,000 public middle school students with free breakfast and lunch. The overall free lunch program costs about $430 million.

Sources: New York Times, Forbes, Bloomberg News, Vanity Fair, Wall Street Journal and The Real Deal reporting.