Billionaires’ Row

Central Park South, condos, Cool Listings, New Developments

Penthouse 72 Loggia, courtesy of 111 West 57th Street

Two new impressive units just hit the market at New York City’s most slender supertall. At 111 West 57th Street, a three-level, four-bedroom penthouse with over 7,000 square feet of interior space and an additional 1,367 square feet in private outdoor space with picture-perfect views over Central Park has hit the market for $66 million. And a duplex with three bedrooms and unobstructed park views is now asking $39.5 million. The latest multi-million dollar listings at the Billionaires’ Row tower come after two $30 million units sold earlier this summer during the coronavirus shut down, giving a boost to the city’s nearly stagnant luxury market.

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Central Park South, real estate trends, Recent Sales

Photo of 220 Central Park South in front of 111 West 57th Street (cropped) by Jim Henderson via Wikimedia Commons

As of July 1, 2020, the average price per square foot for a New York City condo came in at $1,110, according to CityRealty. But this duplex penthouse at 220 Central Park South sold for a whopping $12,164 per square foot. First spotted by The Real Deal and confirmed in city property records, PH 76 at the Billionaires’ Row tower just closed for $99,903,375, making it the third-most-expensive sale ever, behind billionaire Ken Griffith’s $238 million purchase also at 220 CPS in early 2019 and Michael Dell’s $100 million buy at One57 in 2015. The sale takes the number-three spot from a $92.7 million sale at 220 CPS, which sold in late 2019 to billionaire hedge-funder Daniel Och.

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Central Park South, condos, Cool Listings, New Developments

Photo by Evan Joseph

It’s been nearly two years since sales launched at Extell’s Central Park Tower and one year since the 1,500-foot condominium topped out along Central Park South, making it the tallest residential building on the globe. And now, we’ve got our first look inside one of the enviable apartments at this Billionaires’ Row building. The model residence is a 3,401-square-foot, three-bedroom corner unit on the 43rd floor, priced at $17,500,000. Not surprisingly, the interiors are decked out to the nines, but, of course, it’s the insane views we can’t stop ogling.

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Central Park South, Cool Listings

Images courtesy of Brown Harris Stevens

A heated pergola, outdoor kitchen with both barbecue and teppanyaki grills, beer taps, a wine fridge, entertainment center, outdoor lounge, and a recreation “lawn” — this is just some of what you’ll get at this Central Park South‘s wrap-around rooftop terrace. The two-bedroom penthouse at 152 West 58th Street also has incredible views of the adjacent skyscrapers along Billionaires’ Row, including the famous Essex House sign that reflects into the glass of One57. The interiors are super open and sleek, and the home has just hit the market for $2,490,000

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Central Park South, condos, Cool Listings, New Developments

Listing images courtesy of 111 West 57th Street

Two more listings inside Midtown’s historic Steinway Hall have just hit the market: a two-bedroom with a private terrace for $8,750,000 and a four-bedroom duplex seeking $17,995,000. The landmarked building at 111 West 57th Street was designed by renowned firm Warren & Wetmore and finished in 1925. The longtime home of the Steinway & Sons piano company was acquired by developers JDS Development, Property Markets Group, and Spruce Capital Partners in 2013 for $217.5 million and has since become incorporated into SHoP Architects’ super-slender supertall tower rising next to it. The Beaux-Arts structure serves as the project’s grand entryway and will hold the amenity spaces and a small handful of residences designed by Studio Sofield. We previously got a look inside the striking duplex penthouse that hit the market for $21 million last November—a price it still holds.

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Policy

220 Central Park SOuth, Vornado, Robert A.M., Stern

Image courtesy of Vornado Realty Trust and Robert A.M. Stern Architects

Last month, the city’s Advisory Commission on Property Tax Reform revealed a report outlining sweeping changes to the property tax code that would essentially raise the same amount of money but substantially redistribute where it comes from. Under the current system, property owners pay taxes based on assessed value rather than market value, so working-class homeowners often pay a higher tax rate than those who can afford the city’s multimillion-dollar luxury condos. Mansion Global took a closer look at the numbers and found that property taxes along Billionaires’ Row could increase up to five times their current rate under the proposed system.

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Architecture, Central Park South, New Developments

Renderings courtesy of Extell Development Company

As Extell Development’s Central Park Tower nears the finish line, newly released renderings of the Billionaires’ Row supertall are giving us a peek into the private residential club that will occupy the 100th floor with a suite of high-end amenities. Reaching over 1,000 feet in the sky, the amenity space, called the Central Park Club, will be the highest lounge of its kind in the world, offering hard-to-beat views over Billionaires’ Row and Central Park.

And the views are exceptional

Central Park South, Manhattan, Midtown, real estate trends

Looking north towards Billionaires’ Row in early October © 6sqft 

A new study of the top “ultra-prime” locations in the world dispels any doubt that Billionaire’s Row is living up to its name. London-based property consultancy Knight Frank, along with Douglas Elliman, looked at the number of homes sold for over $25 million since 2015 and found the greatest concentration along Midtown’s 57th Street, where 41 transactions have been closed in the last five years at an average price of $38.5 million. Manhattan cracked the top ten three more times, with Central Park South coming in third, followed by Park Avenue and Fifth Avenue in fourth and seventh place.

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Central Park South, real estate trends

220 Central Park SOuth, Vornado, Robert A.M., Stern

Image courtesy of Vornado Realty Trust and Robert A.M. Stern Architects

A penthouse at 220 Central Park South has sold for $100 million to an undisclosed buyer, the Wall Street Journal reports. The Billionaire’s Row transaction is only the third nine-figure deal to close in New York City, following hedge-fund executive Ken Griffin’s whopping $240 million purchase in the same building earlier this year (the most expensive home ever sold in the U.S.) and tech mogul Michael Dell’s $100.47 million penthouse at nearby One57, which closed in 2014.

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Central Park South, condos, Cool Listings, New Developments

Renderings by Hayes Davidson and images by Peter Murdock; courtesy of Douglas Elliman

Once home to the Steinway & Sons piano company, the landmarked building at 111 West 57th Street was acquired by developers JDS Development, Property Markets Group, and Spruce Capital Partners in 2013 for $217.5 million and has since become incorporated into SHoP Architects’ super-slender supertall tower rising next to it. Originally built in 1925, the Beaux-Arts building will house the lobby for the luxury tower and a small number of apartments, including this 5,200+ square-foot duplex penthouse that just listed for $21 million.

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Archtober2020