Big Buy On Billionaire’s Row: Luxury Duplex Sells for More Than $53 Million
A penthouse apartment at 111 West 57th St. overlooks Central Park and has panoramic views.
Penthouse 78 at 111 West 57th St., a super-skinny skyscraper.
Source: JDS Development Group
A luxury duplex penthouse in 111 West 57th St., a skyscraper in New York’s Billionaire’s Row, sold for about $53.8 million, according to JDS Development Group, which developed the building with Property Markets Group and Spruce Capital Partners.
Michael Stern, JDS’s founder and chief executive officer, says that’s not a record-breaking price tag, but calls the signed contract deal competitive for a unique Midtown Manhattan property. “This unit is about a thousand feet in the air,” he says. “Private elevator, 360-degree views, 14 foot ceilings throughout the unit, and just an incredible amount of square footage,” Stern says. (That’s 6,512 square feet, to be exact.)
“Penthouse 78” is located on the 78th floor of a building that has 82 floors and is the second-tallest residential structure in the Western Hemisphere, standing at 1,428 feet. It was built from the historic, landmarked Steinway Hall. The supertall tower has 60 residences, 14 in the landmarked building and 46 full-floor and duplex apartments. Stern says just a “handful” of units in the tower remain open for purchase.
While the latest soaring sale must still officially close, it may indicate a healthy real estate market for the well-heeled who seek more space and luxury amenities after the pandemic. Still, for the first time in 2022, the number of contracts signed last week for Manhattan properties at $4 million or above declined from the previous week, according to the most recent housing and deals data from the Olshan Report. Thirty contracts were signed for homes asking at least $4 million in the week ending on Feb. 13—a drop of 25%, the report said.