New York's 'Road of Billionaires' 300 Billion Won Penthouse... Will It Break the Record Price?

Record High Price in US Transaction... Top-Floor Apartments on 129th-131st Floors
Real Estate Market Faces Challenges Due to Interest Rate Hikes, Transactions Expected to Be Difficult

The tallest residential building in the world, 'Central Park Tower' (first on the left) Photo by Yonhap News

[Asia Economy Reporter Bang Je-il] A $250 million (approximately 349.7 billion KRW) property has been listed on Manhattan's 57th Street in New York, known as the "Billionaire's Row."

On the 15th (local time), The Wall Street Journal (WSJ) reported that real estate developer Extell recently put the penthouse of the world's tallest residential building, Central Park Tower, on the market at this price.

This penthouse spans three floors, from the 129th to the 131st floor of Central Park Tower, which was completed this year on Manhattan's 57th Street, covering an area of 1,625㎡ (492 pyeong) and divided into seven bedrooms.

From the terrace, one can view Central Park, a symbol of New York, as well as the Hudson River to the west of Manhattan and the East River to the east.

If sold at the asking price of $250 million, it would set a new record for the most expensive home in the United States.

The current highest price record is held by the penthouse of "220 Central Park South," a building located across the street from Central Park Tower.

Kenneth Griffin, CEO and founder of the major U.S. hedge fund Citadel, purchased the penthouse at 220 Central Park South in 2019 for $238 million (approximately 333 billion KRW).

At that time, the penthouse Griffin bought covered the top four floors of the building, with a total area of 2,230㎡ (675 pyeong).

However, the real estate industry expects that it will not be easy to complete a transaction at the $250 million asking price due to the current U.S. real estate market being impacted by interest rate hikes.

Additionally, the strong dollar phenomenon has weakened the purchasing power of foreign billionaires, who are major buyers in the ultra-high-end U.S. real estate market, adding another variable.

Real estate companies express confidence in the transaction, citing that the ultra-high-end real estate market differs from the general real estate market.

Gary Barnett, founder of Extell, stated, "There are many artworks in the art market worth over $100 million or $200 million," adding, "For a 1,625㎡ property built at the highest point in the world, $250 million is actually a reasonable price."

This content was produced with the assistance of AI translation services.