Priciest NYC apartment's asking price: US$130m

[NEW YORK] A triplex penthouse at Zeckendorf Development Co's tower under construction on Manhattan's Upper East Side will be offered for sale at US$130 million, making it New York's most expensive apartment listing.

The 12,394-square-foot (1,151- square-metre) property will span the top three floors at 520 Park Avenue, where sales will begin in the first quarter of next year, Arthur Zeckendorf said on Tuesday.

The tower's offering plan, which details units for sale and their prices, was approved by the New York State attorney general's office last week, allowing the developer to begin marketing the 31 apartments, Mr Zeckendorf said. The building, between 60th and 61st streets, will include seven duplexes of about 9,138 sq ft each, starting at US$67 million, according to the plans. Single-floor units of about 4,600 sq ft will start at US$16.2 million.

The triplex would be the most expensive listing for an apartment in New York history, Jonathan Miller, president of appraiser Miller Samuel Inc, said in an interview.

"In the best-case scenario, it is providing a bold stroke to the market, implying that there are buyers out there for this price point," said Mr Miller, who is also a Bloomberg View contributor.

In plans filed with the attorney general's office, developers of condos at lower Manhattan's landmark Woolworth Building said they were seeking US$110 million for the penthouse atop the 58-story tower.

The triplex at 520 Park Avenue, slated for completion in 2017, will be the largest on the Upper East Side, Mr Zeckendorf said. The unit also has a 1,257 sq ft terrace with views of Central Park to the north.

"We wanted to create what we consider the greatest apartment on the Upper East Side," said Mr Zeckendorf, who is co-chairman of the development company with his brother, William Lie Zeckendorf. The asking price works out to about US$10,000 a sq ft, which is the average resale price of condos that face the park at the Zeckendorfs' 15 Central Park West, he said.

At that complex, on the Upper West Side, former Citigroup Inc chairman Sanford Weill sold his penthouse for US$88 million in 2012, Manhattan's most expensive completed residential deal.- Bloomberg