Sale at 212 Fifth Avenue #PH

I love the preciseness of the asking price.

50 million, there are much better penthouse views downtown including the PH at Madison Square Park Tower just a few blocks away...

You may be right but it is hard to say as it is pre-war conversion. There are people who do not want a lot of glass. It is certainly unique but $40mm (for sure as is 10k interior + 5k outdoor) unique or $60mm, it is very hard to tell.

Nice use of the mechanical space on the roof.

The closest comprable on the market might be Penthouse 1 at Walker Tower.
https://streeteasy.com/building/walker-tower/penthouse1?context%5Bcontroller%5D=%23%3CBuildingController%3A0x0055e7b3059858%3E&context%5Bcurrent_user%5D=1040784&hide_if_empty=true&section=sales

In contract!!

My best guess $45mm unless they sold it to Bezos. Perhaps I am too bearish.

It was already down over 11% at the ask of $58M. If it traded at $45M that would be almost 40% off.

Initial prices are completely made up for high priced new developments in $25mm plus range and may not have any bearing to cost. I will be surprised if it trades over $50mm but happy for the seller and to see that the market is moving.

I am looking at other recorded sales and $50mm may be the number.

I am keeping in mind that there are no big ticket $25+ mm sales in 157 West 57th this year. $10mm-15mm range seems to be moving in general without doing actual analysis.

It's becoming harder to say because such a high percentage of those listings have opted to go whisper so you only see when they close (like everything in Central Park Tower, 220 CPS, etc).
But from memory looking at the weekly Olshan reports I think there's been next to nothing over $30 million reported, while I think there are over 60 such listings.

At least you'll be able to save money by shopping for knockoff perfumes right on your block

Haha. Indeed. Broadway west side between 26th and 28th is still pretty bad.

Rabbit sold for $91mm. So who knows what someone pays for unique penthouse they like and want to have now.
https://www.wsj.com/articles/jeff-koonss-rabbit-sculpture-sells-for-91-million-11557970798?mod=mhp

Or how much $ they need to launder.

Exactly. We all know Jho Low and related character buying expensive real estate.

https://vanishingnewyork.blogspot.com/2019/05/wholesale-district.html?m=1

Yeah that stretch of avenue always made me feel like I was in brooklyn

All bets are off. It is Bezos buying!!

Bezos' ex-wife bought it over asking price!!!

For everyone who was crying that losing that great Amazon deal was going to lead to a mass exodus of business from NYC:
https://slate.com/business/2019/05/amazon-new-york-city-office-space.html

Now this Bezos buy - they are coming here anyway without the corporate welfare. Proof of what a bad idea that massive giveaway was.

Aside from that, it seems that Bezos turned the luck of 212 fifth developer by buying two more units in addition to the penthouse.

Seems he bought 21A and 21B as well and closed within a week just below ask. Discount probably got lumped into Ph.

Perhaps everyone heard, there is talk of Amazon getting space in Sunnyside yards.

30yrs_RE_20, who are crying that losing that great Amazon deal? The LIC commuters who already cannot board on the super crowded subway every morning?

$51.5mm.

Roughly 30 percent off from the made-up initial asking price and 10 percent off from a last ask which was more in line with the sale of other units. Still more than $4k per square ft assuming 50 percent allowance for stated outdoor space. Pretty impressive for the location.

If Bezos is paying $4k a foot for this penthouse, who's paying $9k a foot for Central Park Tower?

No one.

Btw, the product and cost is very different as 212 is only 25 floors high. You can get $4k per sq ft on 25-30th floors in Billionaire row.

Actually it's kind of hard to get stuff on the 25th - 30th floor on Billionaire's Row ;)

But it certainly doesn't attract someone who's looking for a penthouse. And I think the resale market for most of those buildings is going to suffer because a lot of the marketing is the developer's bluster which will be over as soon as you drive it off the lot. Do you see any of these projects as the next Limestone Jesus?

And from what I hear from the people who are doing high end sales, the bulk of younger big money is exhibiting a strong preference for downtown.

I think ultra-luxury more than $5k per sq ft is priced like “art”. Value is only in the eyes of the buyer. For cars, you can estimate the depreciation once you drive off the lot. One can try to calculate fair value of 212 Fifth and may easily get within 20 percent after the recent price reductions.

Re: Billionaire's Row vs Downtown
https://www.mrt.com/technology/businessinsider/article/2-real-estate-investors-dish-on-why-they-think-13962148.php

^ Absolutely correct.