Central Park Tower penthouse sells for $115M, snags Extell record
Deal marks developer’s “most expensive residence” ever sold: Gary Barnett
Gary Barnett just set a personal record price at Central Park Tower.
A duplex penthouse at the supertall sold for around $115 million, people familiar with the deal told The Wall Street Journal. The unit, which initially asked $175 million before dropping to $149.5 million last year, marked what the Extell Development boss said was “the most expensive residence we’ve ever sold.”
The unit is the second most expensive unit in the building, behind another penthouse listed for $195 million, discounted from its initial ask of $250 million.
The identity of the buyer was not reported. A person familiar with the deal told The Real Deal they were represented by Kent Wu, John Gomes and Frederik Eklund of the Eklund-Gomes Team. Corcoran Sunshine had the listing.
The unit spans nearly 12,600 square feet across the building’s 107th and 108th floors.
It’s been over a year since a New York City apartment sold for over $100 million. Billionaire investor Daniel Och sold his penthouse at nearby 220 Central Park South for nearly $190 million.
Vornado’s 220 CPS is also home to the country’s priciest home sale, recorded in 2019 when hedge funder Ken Griffin paid $240 million for the Billionaire’s Row unit.
Sales at Extell’s 1,550-foot-tall tower launched in 2018, two years before construction finished.
Closings began in Feb. 2021. An analysis by The Real Deal later showed that per square foot across the 33 units that had sold at the time, the developer was pulling in 25 percent off the prices outlined in Extell’s offering plan.
Barnett initially projected a $4 billion sellout for the building, which was marketed as the tallest residential property in the world, but acknowledged in 2022 it would likely be closer to $3 billion.
“Truthfully, we priced at the beginning in a different market,” Barnett told the Journal.
Despite the series of price cuts at his own property, the developer said a lack of luxury new development inventory is keeping prices strong.
This article has been updated with reporting on the sale price for the penthouse at Central Park Tower.
— Harrison Connery