Manhattan penthouse once marketed at $40 million sells for $6.765 million
A luxury penthouse in Manhattan's Billionaires' Row has sold for $6.765 million, marking an 83 percent decline from its original $40 million asking price. The property remained unfinished for years, with high construction costs and infrastructure challenges deterring potential buyers.
Why it matters
The sale highlights the cooling of the ultra-luxury real estate market and the financial risks associated with ambitious, unfinished high-end developments.
An unfinished penthouse space inside one of the most famous buildings on Manhattan’s Billionaires’ Row has found a buyer for $6.765 million. The sale represents an 83 percent drop from the $40 million asking price placed on the raw space eight years ago. According to the listing and auction details, the three-level property is located beneath the steep copper roof of Hampshire House at 150 Central Park South. It went under contract after a competitive online auction. The heavily reduced sale price brings an end, at least for now, to a long-running real estate story that shows the risks involved in expensive and highly ambitious luxury developments in New York City.From Grand Vision to Market RealityAccording to property marketing materials, the unfinished attic space first went on the market in 2018 with a $40 million asking price.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in