Midtown NYC Penthouse to ask $150mm

Now that One57 has set the bar at $100.47mm for its recent sale, other developers are trying to shatter that number. The NYDN is reporting that the 21k sqft penthouse which will occupy three floors at the converted Sony Building aka 550 Madison avenue in Midtown NYC will ask $150mm.

Many industry insiders feel that there are already too many luxury properties on the market and in the pipeline, so let’s see how this turns out. 520 Park avenue is also expected to take aim at Extell’s record with its own offering of 12k sqft for a reportedly $130mm which makes the $150mm of 550 madison look like a value play.

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