A luxury duplex penthouse in 111 West 57th St., a skyscraper in New York's Billionaire's Row, sold for about US$53.8 million, according to JDS Development Group, which developed the building with Property Markets Group and Spruce Capital Partners.
Michael Stern, JDS's founder and chief executive officer, says that's not a record-breaking price tag, but calls the signed contract deal competitive for a unique Midtown Manhattan property. "This unit is about a thousand feet in the air," he says. "Private elevator, 360-degree views, 14 foot ceilings throughout the unit, and just an incredible amount of square footage," Stern says. (That's 6,512 square feet, to be exact.)
"Penthouse 78" is located on the 78th floor of a building that has 82 floors and is the second-tallest residential structure in the Western Hemisphere, standing at 1,428 feet. It was built from the historic, landmarked Steinway Hall. The supertall tower has 60 residences, 14 in the landmarked building and 46 full-floor and duplex apartments. Stern says just a "handful" of units in the tower remain open for purchase.
While the latest soaring sale must still officially close, it may indicate a healthy real estate market for the well-heeled who seek more space and luxury amenities after the pandemic. Still, for the first time in 2022, the number of contracts signed last week for Manhattan properties at US$4 million or above declined from the previous week, according to the most recent housing and deals data from the Olshan Report. Thirty contracts were signed for homes asking at least US$4 million in the week ending on Feb. 13—a drop of 25 per cent, the report said.
This comes off strong sales at the end of last year. Of the 1,877 contracts signed at US$4 million and above, a staggering 400 were signed for properties asking at least US$10 million, Olshan reported.
"I think the dip in velocity that you're seeing in the over US$4 million market is more a function of supply—the supply that's getting absorbed," Stern says. "There was a bit of an imbalance in the supply coming out of the pandemic. A lot of that demand has soaked up some of those units, and there's just less product that's ready to buy."
There's no official word on who bought "Penthouse 78," with its four bedrooms and 4 1/2 bathrooms ,but they, along with other buyers, should be able to move in during the coming weeks. JDS says it has received its certificate of occupancy from the city. "Construction is now complete enough where buyers can move into their apartments," Stern says. - Bloomberg
