But then again, there were only three sales in 2020 - a sharp drop from the 12 deals in 2019, before the pandemic.īoth units that closed since February went for more than their owners paid for them. As one agent put it: “So far, people buying paying very high rents don’t give a damn. The draws, agents say, include amenities ranging from personal concierge services and room service to a 75-foot swimming pool and fitness center managed by celebrity trainer Jay Wright’s wellness company, a private restaurant led by Michelin-starred chef Sean Hergatt and valet parking. Annual service fees related to the restaurant alone have ballooned from $1,200 in 2015 to $15,000 this year, according to the condo board’s lawsuit. Some point to current $169 million and $135 million listings as bellwethers for how deep-pocketed buyers view the building. Both units, one on the 96th floor and the other on the 79th floor, were listed after the building’s issues became public. Multiple agents said the asking prices are too high.Ĭompass broker Richard Steinberg, part of the team that initially sold the building, called the $169 million price tag for Saudi retail magnate Fawaz Alhokair’s top-floor penthouse “an aggressive price,” particularly for a resale. “There’s no precedent set for that,” he said. Alhokair bought the penthouse for $87.7 million in 2016. Ryan Serhant, the listing agent, did not respond to requests for comment. But Engel & Völkers’ Noel Berk, the listing agent for the $135 million unit on the 79th floor - which was custom designed by Japanese architect Hiroshi Sugimoto - disagreed. “Considering the pedigree and that you can move in with a toothbrush and be thrilled and happy in the apartment, I don’t think it’s overpriced,” she said. Sugimoto flew in materials and trades people from Japan to do the build-out for the sellers, who are American art collectors. In the past six weeks, Berk has shown the apartment five times. On a sunny day in September, she gave a tour to The Real Deal, commenting several times on how quiet the apartment was. Pointing to the floating joints between the walls and ceilings, Berk and the architect of record, Felix Ade of YUN Architecture, explained how the elements of the apartment would move with the building. Ade noted that he’d been in the apartment in all kinds of weather and never felt it sway. The luxury building, which includes a pool and fitness center, a sauna and steam room, a private theater and a billiards room, is more than 90% sold, according to the developer’s court filing on Wednesday. Listing website StreetEasy shows that a number of the building’s most valuable apartments are currently on the market. They include a Japan-inspired, full-floor apartment owned by Mitch Julis, a co-founding partner of the Los Angeles hedge fund Canyon Capital Advisors, which is asking $135 million. Also listed is the project’s top-floor penthouse, owned by Fawaz Al Hokair, a Saudi billionaire property mogul, which is on the market for $169 million, according to people familiar with the building.
The building is known for drawing some of the world’s wealthiest people, including finance-industry leaders, celebrities and high-profile real-estate executives.
Some of the biggest names who have called the building home include superstar Jennifer Lopez and her former partner, onetime Yankees slugger Alex Rodriguez. The apartments are also some of the priciest in the world. Al Hokair paid $87.66 million for his penthouse in 2016, one of the highest prices ever paid for a New York apartment, records show. In more recent years, sellers in the building have faced competition from a group of new towers erected on Billionaires’ Row, including 220 Central Park South, 111 West 57th Street and Central Park Tower.
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