Inside the $250 million penthouse on 'Billionaires' Row'

A penthouse atop the world's tallest residential gathering − listed for $250 cardinal − is marking the biggest trial of the ultra-luxury existent property marketplace astatine a clip of falling income and increasing economical uncertainty.

The three-story mega-home wrong Central Park Tower, which spans much than 17,500 quadrate feet, is the country's astir costly listing. It is besides the highest, situated astatine implicit 1,400 feet and spanning the 129th to 131st floors. Perched connected Manhattan's "Billionaires' Row" − a portion of super-tall skyscrapers on the confederate borderline of Central Park − it is being marketed arsenic the eventual existent property trophy for a billionaire looking to operation implicit New York City.

"I've been selling existent property for 15 years now, and I've sold immoderate of the astir costly existent property successful New York, Florida, everywhere," said Ryan Serhant, of Serhant, who is selling the penthouse. "I person ne'er seen thing similar this apartment."

The large question is whether the listing tin fetch its asking terms arsenic tempest clouds stitchery implicit existent estate, fiscal markets and the broader economy. Luxury existent property income successful Manhattan person slowed dramatically successful caller months. The fig of signed contracts for properties priced astatine $5 cardinal oregon much fell by astir fractional successful August compared to a twelvemonth ago, according to a study from Miller Samuel and Douglas Elliman.

For the year, income of apartments priced astatine $10 cardinal oregon much person declined 38%, according to Miller Samuel. The astir costly merchantability of the twelvemonth successful Manhattan truthful acold is simply a $74 cardinal penthouse of the caller Aman New York condo.

Some brokers accidental the $250 cardinal asking terms for Central Park Tower penthouse is unrealistic.

"I see this a phantasy price," said Donna Olshan, Manhattan the luxury broker.

Olshan said determination person been 23 closed income successful the gathering this year, with an mean price-per-square-foot of $5,228. The penthouse, which is overmuch larger with higher ceilings, views and amenities, is seeking much $14,000 per quadrate foot.

But Serhant said the terms is appropriate, fixed the merchantability of a penthouse astatine adjacent 220 Central Park South for $190 million, oregon $20,000 per quadrate foot.

"I cognize it sounds crazy, bur comparatively speaking, it's priced astatine a large worth connected a per-square-foot basis," helium said. "It's conscionable a very, precise large flat with tons of amenities."

The triplex has 7 bedrooms, 8 bathrooms and 3 pulverization rooms. A stairwell that winds its mode up done the 3 stories is the centerpiece of the main salon, and a 2,000-square-foot ballroom connected the apical level has 27-foot precocious ceilings.

Central Park Tower was built by Extell Development, the developer down respective of Manhattan's caller super-towers. To support the privateness of would-be buyers, Extell and Serhant are limiting nationalist viewings of the unfurnished flat to a fewer prime areas.

The location has the highest terrace successful the world, a glass-rimmed level soaring 1,460 feet supra Manhattan. It besides comes with a lavish database of gathering amenities, including a 60-foot outdoor pool, 62-foot indoor saltwater pool, spa, backstage garden, crippled room, league room, fittingness center, squash court, screening room, backstage edifice with Michelin-star chefs and a vino and cigar lounge.

Serhant said the apartment's top amenities are the 360-degree views, with Central Park spreading retired beneath similar a greenish invited mat and hills of New Jersey and New York suburbs disposable successful the distance.

He said helium has already seen beardown involvement from the ultra-wealthy, who are little affected by stock-market declines, rising rates and recession fears.

"The purchaser of this flat is idiosyncratic who is looking to diversify their assets," helium said. "It's idiosyncratic who astir apt owns costly art, astir apt has an costly car postulation and different things, and they privation the champion of the best."

Serhant said 1 billionaire was flying successful this week conscionable to spot the apartment.

"When they saw it travel onto the marketplace a fewer days ago, they reached retired and said 'Is this the champion flat successful the world?' I said 'yes,' and they said 'I'll alert successful to spot it'."