$100 million apartments aren't the norm in NYC, but with "vertical mansions" bubbling up all over, it's only a matter of time. This triplex, which the Wall Street Journal describes as "the city's most expensive apartment," is the latest contender.
The three-level penthouse will sit at the crown of a luxury tower on Park Avenue designed by Robert AM Stern. At 51 stories, it's not the tallest, but it's likely going to be the priciest: The private terraced triplex is priced at $10,000 per square foot—more than $120 million for 12,400 square feet in total. The only interior rendering is pretty rough, but shows a private pool (and creepy scale model):
$100 million sounds hyperbolic, but some of its neighbors are destined to offer similarly priced units.
This is the so-called "Billionaire's Row," a long thicket of astronomically expensive towers along West 57th Street (which we've written about before). This is destined to become a neighborhood of "vertical mansions," a row of towers that are accessible only to a handful of owners who occupy multiple floors.
The question is whether the bubble—and this is a bubble—will last long enough to see all of them completed, much less sold. According to the Wall Street Journal, brokers are already worried that this glut of oligarch-ready units will never have enough prospective buyers:
Although the number of listings in Manhattan shrank to the lowest levels in at least a decade, there is now about a 31-month supply of apartments and houses priced at more than $10 million... These don't include high-priced apartments at new developments that aren't routinely shown in New York's main broker listing system.
New York has never had a problem with half-finished skyscrapers, unlike cities including London, Caracas, and Chicago. But with millions of square feet underway along a single street, all priced for a very small demographic of buyers, it's not out of the question.