The $250 million triplex penthouse in Central Park Tower, known as “The One Above All Else,” suffered a $55 million price cut that knocked it out of the running for the country’s most expensive residential sale.
After a year on the market, the asking price is now $195 million, a drop of 22 percent after failing to sell in its first year on the market.
The illustrious title of “America’s Most Expensive Home” now belongs to a $238 million condo at 220 Central Park South, which was purchased in 2019 by hedge fund manager and billionaire Ken Griffin.
Central Park Tower is the tallest residential building in the world and is 450 meters high.
Developed by New York-based Extell and designed by Adrian Smith + Gordon Gill Architecture, the West 57th Street building contains more than just residential space.
The $195 Million Central Park Tower Penthouse Is Affectionately Called ‘The One Above All Else’
It offers views of Central Park, the New York skyline and Manhattan’s scenic waterways
The sale price was reduced by 22% after the penthouse failed to sell during its first 364 days on the market
It houses a seven-story Nordstrom flagship store, 179 apartments and a suite of private amenities known as the Central Park Club, occupying 50,000 feet of space.
The building has a ballroom on the 100th floor, a private bar and a restaurant run by Michelin-starred chefs.
But the penthouse is the tower’s crown jewel, spanning more than 17,500 square feet and occupying the 129th, 130th and 131st floors.
The unit is located 1,400 feet above New York City, on the aptly named Billionaires’ Row, where properties regularly sell for millions.
It features seven bedrooms, eleven bathrooms, two kitchens, a pair of guest rooms, a media room, a library, a study and a separate service entrance.
Other features include a grand spiral staircase, an observatory and a private ballroom and a top floor “designed to host large gatherings and events.”
This level includes a private ballroom and terrace, both the highest in the world, as well as a private salon with beautiful glass curtain walls and 27-foot ceilings.
Each floor also has its own elevator vestibule.
The unit occupies the 129th, 130th and 131st floors of the building
It includes seven bedrooms, eleven bathrooms, two kitchens and several entertainment areas
Central Park Tower is the tallest residential building in the world, at 450 meters high
One floor of the penthouse is “designed for hosting large gatherings and events,” according to the listing
One of the most impressive features is the spiral staircase
The unit also has its own ballroom and terrace, both the highest in the world
Its main selling point is the impressive view of Central Park, the Midtown and Downtown skylines, and the waterways surrounding Manhattan.
Ryan Serhant of SERHANT. maintains the listing of the property. He used to boast about feeling “above noise” while standing on the patio, but a CBS investigation found his claims to be deceptive.
During a tour of the penthouse, a correspondent noted that the terrace was destroyed by the wind, especially in winter. The wind also caused the door to slam shut behind him.
He pointed out a high-pitched whistling sound echoing in the penthouse, which the agent attributed to the weather and described as “growing pain.”
At the end of 2022, the 179-unit building had fewer than 30 full-time residents.
It’s unclear whether design flaws contributed to the reduced list price or whether the amount was simply out of reach for even the wealthiest buyers.
Monthly taxes are an estimated $39,609 and common fees – condo fees that cover building amenities and maintenance – are $28,755.
Other units in the building also took a hit, such as the duplex penthouse, which is now listed at $149.5 million instead of $175 million.
The ultra-luxury unit is estimated to cost $39,609 in monthly taxes plus another $28,755 per month in community fees
The jumbo mortgage interest rate for these types of expensive homes was 3.23 percent at the end of 2021, but is now close to 7.4 percent
‘The One’ isn’t the only penthouse in the building to see a price reduction either, as the price of the duplex on the 107th and 108th floors has been reduced.
The device, which went on sale in March, is now listed for $149.5 million, down 14.6 percent from the original $175 million.
While the price drop doesn’t represent the housing market as a whole, buying a home is more expensive than it has been in decades, even for the ultra-wealthy. The mortgage interest rate is highest they have been for twenty years.
Interest rates have also risen astronomically for people looking to borrow large sums of money to purchase real estate.
The interest rate on large mortgages, large loans that exceed federal borrowing limits, was 3.23 percent at the end of 2021. That figure is now close to 7.4 percent, according to the St. Louis Fed.