Prices for luxury condos are reaching to the sky, but unlike towers and skyscrapers, there seems to be no limit to how high they can go. Chetrit Group announced that it is charging $150 million for an ultra luxury condo in the former Sony building, according to The Jewish Voice.
The 21, 504 square foot triplex is selling for $6, 957 per square foot. While the Zeckendorf Developments $130 million for a condo in Park Avenue is lower in total price, it still charges an astounding $10, 489 per square foot. So far, the highest price for a condominium in the city is $100.5 million for a duplex penthouse in the . Bloomberg reports that a competition is on to see who can charge the highest prices and make a condo stand out from the rest; “Buyers in the super luxury market are obsessed with having an asset that’s unique and not cookie cutter, ” according to Bloomberg.
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Chetrit is creating 96 ultra luxury condos in the former Sony building, located at 550 Madison Avenue between 55th and 56th streets, for a total of $1.8 billion. Nancy Packes told Bloomberg, “No one knows where the ceiling is, and they are still trying to find it. The amount of global wealth is still great.”
Let’s hope that what eventually hits the ceiling is not a luxury condo bubble that will pop.
