“Central Park Tower is the top-selling building in New York City right now by volume for the year,” said Pamela Liebman, President and CEO of Corcoran Group, the brokerage overseeing the sales at the building.
As one of several high-rises along Billionaire’s Row, its surge in demand is consistent with what other nearby buildings have seen this year. In the first half of the year, says Liebman, 61 contracts were signed on Billionaire’s Row, which is the same number as all the contracts signed in 2019. “That equates to over a billion dollars of sales. We can judge what the demand is by the amount of phone calls, requests and showings we are receiving. Those requests triggered the developer to decide to list this property now.”
The property she is referring to is an 11,500-square foot duplex asking $150 million. With eight bedrooms, nine bathrooms, the corner unit is the highest level duplex in the 179-unit building, which itself is said to be the highest residential building in the world at 1,550 feet. The duplex comes with a private in-unit elevator, 30-foot dining room, staff quarters, professional grade kitchen, walk-in coat closet for visitors and 270 degree views of the city.
Liebman attributes the increase in activity at the top of the market to both the improved financial status of many buyers and the impact of people being stuck at home for much of the pandemic.
“People did make a lot of money during the pandemic, the stock market and [its] extraordinary performance and interest rates are very low. For people who always had this dream of living in one of New York City’s finest buildings and didn’t think it was affordable, it’s now become within their reach and they’re taking advantage of it.”
Liebman continues: “During the pandemic, everybody realized what they might be missing in their living environment. It didn’t matter if it was living in Manhattan or a beach community in California. All of the shortcoming came to light immediately. It has certainly driven the mass buying spree across America, for people to get what they want.”
Citing the desire for buyers to find living spaces that fit more of their needs, she explains the appeal of Central Park Tower by saying, “[it] allows you to have every possible element in one building. You have food service, you have pools, you have a private club, you have extraordinary fitness. You have the sundeck with the cabana. You have a private theater. If you were to be, unfortunately, stuck in your living area again it’s nice to be in a building that has all this.”
Liebman predicts sales to grow even more in the coming months. “It will continue to outperform the market as the foreign buyers flood back into New York. We’ve been achieving this success with the domestic buyers because foreign buyers haven’t been here, so we expect this building to continue with very strong momentum.”
For more information on the duplex, see the full listing page by agents Cathy Franklin and Leighton C. Candler, both of Corcoran Group.