May 1st 2015
Luxury Listings NYC
One57’s glassy façade and 432 Park’s dizzying height aren’t siren songs for everyone. Some wealthy buyers are passing on the luxury condos of the moment and waiting for the next addition to hit the neighborhood just north of Billionaire’s Row: 220 Central Park South.
The condominium, designed by Robert A.M. Stern, also has some owners of luxe condos nearby planning to trade up to 220 Central Park South when it hits the market, brokers said. Not surprisingly, the building is fast becoming a formidable competitor for the buzzy slew of super-luxe condo developments coming on 57th Street — which are poised to remake the Manhattan skyline.
“We’re all looking for the next big shiny object,” said Jason Haber, a broker at Warburg Realty, adding that, as a contrast to the futuristic structures rising, 220 Central Park South offers something aesthetically different. “It’s not a glass curtain wall.”
The 69-story limestone tower will have 83 units; an adjacent 14-story “villa” will have 10 units. The building’s offering plan — a document that lays out the terms and conditions of a sale — was approved in early March; an amendment later that month included one of the project’s highly anticipated penthouses: A duplex on the 73rd and 74th floors, known as Penthouse 73, asking $100 million. The pad will span just over 9,500 square feet with a 713-square-foot terrace. The unit will have five bedrooms, six bathrooms and two powder rooms.
Still, that’s not the priciest pad expected at the uber-luxe high-rise. Asking prices at the building’s most expensive pads haven’t been released yet, including the top penthouse, which sources said could ask between $150 million and $175 million.
The document also showed prices have risen for other units. A 6,591-square-foot spread on the 48th floor, initially asking $55 million, is now priced at $64 million. One floor up, a $60 million condo is now priced at $69 million. Overall, the average price per square foot of the listed units is now $7,514, higher than the initial price of $7,374.
“It’s kind of the complete opposite of what One57 is,” said Michelle Bourgeois, an agent at Town Residential, of 220 Central Park South’s more traditional design. “So many buildings that have been going up around the park have mostly had a very modern aesthetic.”
Douglas Elliman broker Toni Haber (who is Jason Haber’s aunt) said one of her clients, who purchased a condo at One57, plans to sell that unit and move to 220 Central Park South when the building debuts. “They’re definitely keeping an eye on that building,” she said.
She added that buyers know that the building is one of the last assemblages on Central Park South. “You can’t have anything built in front of you,” she said. “Even though the building is going to be 370 feet shorter than 432 Park, you’re right on the park. 432 Park is not, even though you see it from anywhere you are.” —E.B. Solomont
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