Published On: Sun, Jan 18th, 2015

Penthouse at Gary Barnett’s One57 Goes for Record $100 Million

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A penthouse at Gary Barnett’s new luxury apartment building One57 at 157 W. 57th St in Manhattan has sold for a record $100.47 million. The buyer chose to remain anonymous.

The record is for the highest amount ever paid for a single family property in the history of New York City. The previous record was just $88 million which was paid for a condo at 15 Central Park West in 2011.

The penthouse occupied the building’s entire 89th and 90th floors and overlooks Central Park from its west side. It has six bedrooms, seven bathrooms and two powder rooms over 11, 000 square feet.

Ben Benalloul of brokerage RLTY NYC told the New York Daily News, “This is going to set a new benchmark for real estate in New York, especially in new developments. I think this is a record we’re going to see broken several times over the next two years.”

The 90 story tower has 94 units, cost $1.4 billion and took 10 years to build. Barnett, for his part, put up only 10% of the $700 million in equity needed for the deal. The rest came from funds from Arabian Gulf States.

Building amenities include access to a health club with a pool and a spa, a five-star restaurant, a library, a screening room and attended parking.

There are 21 storage bins in the building’s basement that go for up to $4, 000 a square foot. A 54 square foot storage been goes for $216, 000. This is considered unprecedented in a city where such luxury apartments come with basement storage space.

There are 30 square foot storage bins that will cost $110, 000, or $3, 667 per square foot.

One57 has strict rules regarding pets. Only 2 are allowed per apartment and are limited to animals like dogs, cats, caged birds and aquarium fish. There are also security measures for the pets as residents will be required to provide pictures of them to the condo board so that they can be identified. No visitors to the building will be allowed to bring their pets in with them.

Residents also have to live with strict rules regarding decorations. Any external ornamentation will have to be approved by the condo board and no special lighting will be permitted at holiday time. Even curtains, which can be seen from the outside, must get approval.

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