New York City real estate is getting out of control. Out…of…control. We don’t have an exact number yet, but apparently, a penthouse has sold for more than $90 million.
The unit is actually a duplex penthouse, occupying floors 89 and 90 of One57, a new luxury tower in midtown that is currently under construction. The unit measures 10,923 square feet and features soaring 23-ft. ceilings. The development opened last December, and since then, has sold approximately half of its 92 units. Ninety-two units in a 90-storey tower? It’s easy to do the math on that one.
Gary Barnett, president of Extell Development Company, has released only some information about the sale. He describes the buyers as a “very nice family,” and “someone that people would recognize”—oh, and they’re not from Russia or Ukraine or “any other part of the former Soviet Union.”
Apparently, foreign buyers have been paying top dollar for premium properties in New York City lately. We witnessed this when Dmitry Rybolovlev purchased an $88-million apartment for his daughter a few months ago.
The selling price is supposedly higher than $88 million, but still didn’t surpass $100 million—a milestone that hasn’t been reached in either New York City or Los Angeles. Barnett says the buyer expressed interest in purchasing the penthouse about three months ago, when the listing price was $98.5 million. Barnett also said the penthouse went for more than $8,000 per square foot, and we know the total square footage…so it’s pretty safe to say the selling price is probably around $90 million.
With more than 50% of its units sold, One57 has pulled in more than $1 billion in sales already. Outrageous? Kind of. Unexpected? Not really. As soon as you see billionaire daddies buying multi-million dollar homes for their daughters (Rybolovlev and Ecclestone), something like a $90-million penthouse or a condo worth billions is no longer shocking.
Our prediction: a property in New York City or Los Angeles will sell for more than $100 million before the year is through.
Anyway, who do you think the buyer is? Nice family, someone we would know, not Russian or Ukrainian…hmmm.Google+