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A penthouse condo at 111 West 57th Road, an under-construction ultra-skinny tower on New York’s Billionaires’ Row, has gone into contract for over $50 million, in accordance with an individual acquainted with the transaction. The deal, signed in early November, is without doubt one of the priciest publicly disclosed contracts to have been signed in New York for the reason that onset of the pandemic.
The event’s providing plan lists the unit’s asking worth at $57 million. JDS Growth’s Michael Stern, one of many constructing’s builders, confirmed the deal however declined to touch upon the precise sale worth or the identification of the client.
Within the spring, Mr. Stern stated that contracts for two other units asking roughly $30 million had been signed on the condominium tower between March and June. “We proceed to be happy with the gross sales efficiency,” Mr. Stern stated in an announcement. “Covid has demonstrated the flight to high quality actual property and the enduring energy of New York Metropolis.”
The offers are uncommon brilliant spots for Manhattan’s luxurious market, which has struggled in 2020 amid an exodus of high-net-worth residents, lots of whom decamped to locations just like the Hamptons and Palm Seaside, Fla., amid the pandemic. Within the third quarter, luxurious residence gross sales in Manhattan have been down 46.7% in contrast with the identical interval in 2019, in accordance with a report by Douglas Elliman.
The condo that the majority not too long ago went into contract is one among a number of “penthouses” on the constructing. Positioned at an elevation of about 1,000 toes, it’s 7,103 sq. toes and has 4 bedrooms and 5½ bogs, in accordance with the providing plan.
The terracotta-and-bronze tower, one among a number of new supertall spires on the south aspect of Central Park, is understood domestically because the Steinway Constructing as a result of it incorporates the previous Steinway & Sons piano retailer constructing into its design. It’s being developed by JDS in partnership with Property Markets Group and Spruce Capital Companions. There are about 14 residences contained in the Steinway constructing and 46 models within the related tower above.
Douglas Elliman leads gross sales on the constructing.