The NYDN is reporting that several of the most expensive apartments in Manhattan are cutting their prices including a penthouse in Tribeca where the price is being slashed from $40mm to under $30mm for a 7000+/- space. At the same time, while other units incuding one at The Pierre are also slashing their prices, other developers are taking aim at the $100mm record set this year by the sale of an apartment at One57 on Billionaire’s Row.
Those developers inlcude 550 Madison aka the Sony building condo conversion where an apartment will reportedly ask $150mm, 520 Park avenue which will have a penthouse asking $130mm and 220 CPS where its’ top asking price is rumored to be $175mm!
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.