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How to Sell a $60 Million Penthouse: Don’t Try

  • Sales at newest 57th Street tower won't start for about a year
  • Developer waits to `strike when people are paying attention'
relates to How to Sell a $60 Million Penthouse: Don’t Try
Photographer: Andrew Harrer/Bloomberg

There’s nothing to stop developer Kevin Maloney from starting sales at 111 W. 57th St., the latest sky-high condo tower rising on midtown Manhattan’s Billionaires’ Row. He has the necessary legal approvals, and an office ready to welcome would-be buyers.

But with luxury-home demand slowing and new condos piling up on the market, he’s waiting about a year before trying to sell units at the project, where the price for a penthouse will approach $60 million.