Someone Is About to Pay More Than $100 Million for This New York City Penthouse

By E.B. SOLOMONT

A penthouse on Billionaires’ Row in New York City is in contract for more than $100 million, according to the building’s developer.

The duplex at Central Park Tower was most recently asking $149.5 million after hitting the market for $175 million last year, according to listings website StreetEasy. Developer Gary Barnett of Extell Development said the price is less than the ask, but “quite a bit” over $100 million. “It’s the most expensive residence we’ve ever sold,” he said. He declined to name the buyer.

Spanning the building’s 107th and 108th floors, the penthouse measures about 12,560 square feet with seven bedrooms and two terraces. Barnett said the residence has roughly 30-foot ceilings and views of Central Park and the city.

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Though hedge-funder Ken Griffin’s roughly $240 million purchase on Billionaires’ Row in 2019 holds the record for the country’s priciest home sale, in recent years New York City has lagged behind other markets in terms of nine-figure deals. The city hasn’t had a sale over $100 million in more than a year. In late 2021, billionaire investor Daniel Och sold a Manhattan penthouse overlooking Central Park for close to $190 million. In 2022, the estate of Microsoft co-founder Paul Allen sold two apartments on the Upper East Side for $101 million combined.

By contrast, Florida and California have seen a recent spate of megadeals. Last year, for example, Beyoncé and Jay-Z paid $190 million for a Tadao Ando-designed mansion in Malibu, setting a California sales record. Luxury-car dealer Michael Cantanucci and his wife, Kimberly Cantanucci, paid around $170 million for a waterfront property in Palm Beach, Fla., setting a record there.

At 1,550 feet, Central Park Tower is the tallest primarily residential building in the world. Construction began in 2014 and the building was completed in 2022. There are about 179 residential units, as well as a private members club on the 100th floor.

The building launched sales in 2018, before New York’s luxury market stalled during the pandemic. “Truthfully, we priced at the beginning in a different market,” Barnett said. Extell has discounted units throughout the building by 10% to 20%, he said, and is now seeing traction in the market. The top penthouse—a triplex listed for $250 million in 2022—has also been discounted. “We’ve brought it down to a more reasonable ask of $195 million,” Barnett said. “And hopefully that will be our next record sale.”

Barnett said demand for unique high-end residences has fueled a recent uptick in activity. For example, a string of downtown penthouses sold for north of $50 million last year. He said there is also very little new-construction inventory in Manhattan. “The inventory has gotten eaten up,” he said. “So I think we have a good chance to continue to sell well.”

Still, he said it is unlikely that anyone will surpass Griffin’s record anytime soon.

During the fourth quarter of 2023, the median luxury-sale price in Manhattan rose 4.9% from the prior-year period, according to real-estate appraisal firm Miller Samuel, while the number of luxury sales dropped 5.9%.