Oct. 22 (Bloomberg) -- Designer Tommy Hilfiger listed his duplex apartment at the Plaza in Manhattan for $80 million, the highest price ever sought for a unit at the landmark building.
The four-bedroom penthouse condominium is on the 18th and 19th floors and includes the dome on the northeast part of the building’s facade, according to the property listing on StreetEasy.com. Hilfiger purchased the home five years ago, the website’s data show.
A sale close to the asking price would shatter the previous $48 million record for a condo at the Plaza, the 106-year-old property on Central Park South that houses both residences and its famed hotel. It would also rank among the most expensive deals for an apartment in Manhattan.
“There have been a handful of transactions in this price range,” said Jonathan Miller, the president of New York-based appraisal firm Miller Samuel Inc. “It’s almost a herd mentality at the high end of the market that emboldens people to put properties on at these kinds of numbers.”
The city’s biggest completed transaction is the $88 million sale of a penthouse at 15 Central Park West by former Citigroup Inc. Chairman Sanford Weill. Contracts have been signed for more than $90 million for apartments at Extell Development Co.’s One57 and Harry Macklowe’s 432 Park Ave. projects, which are under construction in Midtown.
Weill’s deal as well as other recent listings at the Plaza were used as a guideline for determining the asking price for Hilfiger’s unit, which he created by combining two apartments, said Dolly Lenz, the broker marketing the property.
“This is a prewar building, it’s an iconic building, it has a big terrace and its views are permanently unobstructed,” said Lenz, head of Dolly Lenz Real Estate LLC. “There’s nothing else, I think, that’s comparable to this currently on the market.”
Hilfiger, who decorated the apartment with original artwork and historical artifacts, is selling most of the furnishings separately, Lenz said.
Owners testing demand for luxury properties are keeping inventory levels relatively higher than in the broader market, where listings fell to a 13-year low in the third quarter. The supply luxury apartments for sale dropped 2.1 percent from a year earlier to 1,107 at the end of September, while the entire market had a 22 percent decline, Miller Samuel and brokerage Douglas Elliman Real Estate reported this month.
The firms define luxury homes as the top 10 percent of all sales by price. The median price for such apartments was $4.1 million in the third quarter.
Hilfiger’s Plaza apartment was purchased for $25.5 million in July 2008, according to StreetEasy. It was listed for sale at $50 million just two months later, days before Lehman Brothers Holdings Inc. filed the largest bankruptcy in history and ushered in a freeze in the Manhattan sales market. The listing was removed in November 2008.
Hilfiger is selling the apartment because he is spending more time at his recently renovated home in Greenwich, Connecticut, where his children attend school, Lenz said.
The second-most expensive apartment for sale at the Plaza belongs to U.K. property developer Christian Candy, who is seeking $59 million for a 6,300-square-foot (585-square-meter) triplex on the 19th through 21st floors. Candy, who bought the property in 2012 for $25.9 million, is offering the apartment for sale with custom furnishings “personally selected” by his company, Candy & Candy, according to the StreetEasy listing.
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