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One57 Penthouse Sells For $32M: A Closer Look

Recent resales at Extell Development’s One57 have seen significant discounts, with PH88 closing this week for $31.5 million. Initially priced at $45 million by Serhant agent Talia McKinney, the 88th-floor penthouse later had its asking price lowered to $34 million. The 6,200 square-foot property at 157 West 57th Street features five bedrooms, five bathrooms, a private elevator entrance, and Central Park views.

Competition on Billionaires’ Row

One57 was the first of its kind, but newer, more luxurious, and taller trophy properties have since emerged on Billionaires’ Row. These include 432 Park Avenue, Central Park Tower, and 200 Central Park South. Corcoran agent Ryan Kaplan explains that the subprime crisis had created pent-up demand for luxury when One57 debuted. However, the surge of ultra-luxury developments in the area outpaced demand from the billionaire class.

Buildings like One57, which lack the unique distinction of Central Park frontage, struggle to differentiate themselves from those adjacent to the landmark. Kaplan believes that One57 will never reclaim its record-breaking numbers as newer buildings continue to emerge. He argues that One57 lacks the “scarce piece of real estate” and irreplicable quality necessary for success.