Throughout the $250 million penthouse on ‘Billionaires’ Row’

A penthouse atop the arena’s tallest residential development − indexed for $250 million − is marking the largest take a look at of the ultra-luxury actual property marketplace at a time of falling gross sales and rising financial uncertainty.

The 3-story mega-home inside of Central Park Tower, which spans greater than 17,500 sq. ft, is the rustic’s most costly checklist. It’s also the perfect, positioned at over 1,400 ft and spanning the 129th to 131st flooring. Perched on Long island’s “Billionaires’ Row” − a strip of super-tall skyscrapers alongside the southern fringe of Central Park − it’s being advertised as without equal actual property trophy for a billionaire having a look to tower over New York Town.

The Staircase at The Penthouse at Central Park Tower

Supply: Evan Joseph

“I have been promoting actual property for 15 years now, and I have offered one of the most costly actual property in New York, Florida, in all places,” stated Ryan Serhant, of Serhant, who’s advertising the penthouse. “I’ve by no means noticed anything else like this rental.”

The massive query is whether or not the checklist can fetch its asking charge as typhoon clouds collect over actual property, monetary markets and the wider financial system. Luxurious actual property gross sales in Long island have slowed dramatically in fresh months. The selection of signed contracts for homes priced at $5 million or extra fell by way of just about part in August in comparison to a 12 months in the past, consistent with a file from Miller Samuel and Douglas Elliman.

For the 12 months, gross sales of flats priced at $10 million or extra have declined 38%, consistent with Miller Samuel. The costliest sale of the 12 months in Long island thus far is a $74 million penthouse of the brand new Aman New York condominium.

Some agents say the $250 million asking charge for Central Park Tower penthouse is unrealistic.

“I imagine this a fable charge,” stated Donna Olshan, Long island the luxurious dealer.

Olshan stated there were 23 closed gross sales within the development this 12 months, with a mean price-per-square-foot of $5,228. The penthouse, which is far better with upper ceilings, perspectives and facilities, is looking for extra $14,000 in step with sq. foot.

The Penthouse at Central Park Tower: Break of day Going through South

Supply: Cody Boone, SERHANT Studios

However Serhant stated the cost is suitable, given the sale of a penthouse at within reach 220 Central Park South for $190 million, or $20,000 in step with sq. foot.

“I comprehend it sounds loopy, bur rather talking, it is priced at a really perfect worth on a per-square-foot foundation,” he stated. “It is only a very, very large rental with a variety of facilities.”

The triplex has seven bedrooms, 8 toilets and 3 powder rooms. A stairwell that winds its means up in the course of the 3 tales is the center piece of the primary salon, and a 2,000-square-foot ballroom at the best flooring has 27-foot top ceilings.

Central Park Tower used to be constructed by way of Extell Building, the developer in the back of a number of of Long island’s new super-towers. To give protection to the privateness of would-be patrons, Extell and Serhant are proscribing public viewings of the unfurnished rental to a couple of choose spaces.

The Grand Salon at The Penthouse at Central Park Tower

Supply: Evan Joseph | Central Park Tower

The house has the perfect terrace on the planet, a glass-rimmed platform hovering 1,460 ft above Long island. It additionally comes with a lavish checklist of establishing facilities, together with a 60-foot out of doors pool, 62-foot indoor saltwater pool, spa, non-public lawn, recreation room, convention room, gym, squash court docket, screening room, non-public eating place with Michelin-star cooks and a wine and cigar living room.

Serhant stated the rental’s biggest facilities are the 360-degree perspectives, with Central Park spreading out under like a inexperienced welcome mat and hills of New Jersey and New York suburbs visual within the distance.

He stated he has already noticed robust pastime from the ultra-wealthy, who’re much less suffering from stock-market declines, emerging charges and recession fears.

“The buyer of this rental is somebody who’s having a look to diversify their belongings,” he stated. “It is somebody who almost certainly owns dear artwork, almost certainly has a dear automotive assortment and different issues, and they would like the most productive of the most productive.”

Serhant stated one billionaire used to be flying on this week simply to look the rental.

“Once they noticed it come onto the marketplace a couple of days in the past, they reached out and stated ‘Is that this the most productive rental on the planet?’ I stated ‘sure,’ and so they stated ‘I will fly in to look it’.”

The Penthouse at The Central Park Tower: Sundown over Central Park.

Supply: Cody Boone, SERHANT Studios