US Real Estate News: New York Penthouse $90m

Manhattan Penthouse sells for US$90-M +

A buyer paid more than US$90-M for a Midtown Manhattan Penthouse, the highest price ever paid for a New York apartment, according to the building’s developer.

The seller, the Extell Development Co., had been asking US$98.5-M for the 10,923 sq ft condominium.

Gary Barnett, Extell’s president, did not confirm the exact price the condominium sold at or who the buyer is, but he did say the apartment sold for about US$8,000 sq ft.

Located on the 89th and 90th floors of the One57 building on 57th street, the apartment features 23-ft ceilings, rosewood flooring, panoramic views of the city, Italian marble and custom hardware and light fixtures.

The building, which is under construction, includes a total of 95 condos and is built on top of a 5-Star Park Hyatt hotel. Prices start at US$6.75-M and about 50% of the units have been already sold, said Mr. Barnett. Occupancy will not begin until early next year.

The purchase follows 2 other recent big sales. In December, a Russian billionaire paid US$88-M for a home once owned by ex-Citigroup CEO Sanford Weill. Then, early last week, a Park Avenue co-op was sold for US$52.5-M, a record for a NYC co-op apartment.

Source: http://www.livetradingnews.com/us-real-estate-news-new-york-penthouse-90m-74031.htm#.T7s-ktw__Ew