Central Park Tower’s $250 million triplex penthouse, known as “The One Above Everything Else,” was hit with a $55 million price cut that put it off race for the most expensive home sale in the country.
After a year on the market, the asking price now stands at $195 million, a reduction of 22 percent after the sale failed in its first year of listing.
The illustrious title of “most expensive house in America” now belongs to a $238 million apartment at 220 Central Park South, purchased by hedge fund manager and billionaire Ken Griffin in 2019.
The Central Park Tower is the tallest residential building in the world and stands 1,500 feet tall.
Developed by New York-based Extell and designed by Adrian Smith + Gordon Gill Architecture, the West 57th Street building contains more than just living space.
The $195 million Central Park Tower penthouse is affectionately known as ‘The One Above All’
It offers views of Central Park, the New York skyline and Manhattan’s scenic waterways.
The listing price suffered a 22% drop after the penthouse failed to sell in its first 364 days on the market.
It houses a seven-story Nordstrom flagship store, 179 condo units and a private suite known as the Central Park Club that occupies 50,000 feet of space.
The building features a ballroom on the 100th floor as well as a private bar and restaurant run by Michelin-starred chefs.
But the penthouse is the crown jewel of the tower, spanning more than 17,500 square feet and occupying its 129th, 130th and 131st floors.
The unit sits 1,416 feet above New York City on the aptly named Billionaires’ Row, where properties regularly sell for millions.
It includes seven bedrooms, 11 bathrooms, two kitchens, two guest rooms, a media room, a library, an office and a separate service entrance.
Other features include a sweeping spiral staircase, observatory, private ballroom and an upper level “designed to accommodate large gatherings and events.”
This level features a private ballroom and terrace, both the tallest in the world, as well as a private lounge with expansive glass curtain walls and 27-foot ceilings.
Each floor also has a private elevator vestibule.
The unit occupies the 129th, 130th and 131st floors of the building
It includes seven bedrooms, 11 bathrooms, two kitchens and several entertainment areas.
The Central Park Tower is the tallest residential building in the world, measuring 1,500 feet
One level of the penthouse is “designed to accommodate large gatherings and events,” according to the listing.
One of its most impressive features is the spiral staircase.
The unit also has a private ballroom and terrace, both of which are the highest in the world.
The main selling point is the impressive view of Central Park, the Midtown and Downtown skyline, and the waterways surrounding Manhattan.
Ryan Serhant of SERHANT. has the house list. He once boasted about the feeling of being “above the sound” when standing on the patio, but a CBS investigation found his claims to be misleading.
During a tour of the penthouse, a correspondent said the terrace was blown by the wind, especially in winter. The wind also slammed the door violently behind him.
He pointed to a high-pitched whistling sound echoing inside the penthouse, which the real estate agent attributed to the weather and described it as a “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 lower listing price or whether the amount was simply out of reach for even the wealthiest buyers.
Monthly taxes are estimated at $39,609 and common charges – the co-ownership fees which cover the amenities and maintenance of the building – are $28,755.
Other units in the building were also affected, such as the duplex penthouse, which is now listed at $149.5 million instead of $175 million.
The ultra-luxurious unit costs approximately $39,609 in monthly taxes plus an additional $28,755 per month in common charges.
Jumbo mortgage rates for expensive properties like these were 3.23% at the end of 2021, but are now close to 7.4%.
“The One” is also not the only penthouse in the building to benefit from a price reduction, as the duplex on the 107th and 108th floors saw its price drop.
The unit, which was put on the market in March, is now listed for $149.5 million, down 14.6 percent from its original $175 million.
Although falling prices don’t represent the housing market as a whole, it’s more expensive to buy a home than it has been in decades, even for the ultra-wealthy. Mortgage rates are The highest they have been for 20 years.
Interest rates have also increased astronomically for people looking to borrow large sums of money to purchase property.
Jumbo mortgage rates, which are large borrowings above federal loan limits, were 3.23% at the end of 2021. That figure is now close to 7.4%, according to the St. Louis Fed.