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Midtown Setai's Newest Penthouse Wants $4,067/Square Foot

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"THIS IS NOT A CONDO HOTEL!" blares the brokerbabble for the new-to-market #PH60 at the Setai Fifth Avenue. What it is is a condo/hotel, meaning that the condos have access to hotel services but don't cap the number of days buyers can be in residence. Like other new condo/hotels, the Setai has aimed its amenities (Aqua Grotto! Experiential Showers!) at foreign buyers, probably because those are the only people likely to pay the building's sky-high asking prices despite its Midtown location. (Proof: at least two international soccer stars have signed on already.) That's even more true with PH60, now asking a whopping $28 million, or $4,067/square foot. None of the prices on the five units closed so far, between $865,512 and $5,243,987, even come close. But there are allegedly another 87 contracts out, so hope lives.

· 400 Fifth Avenue #60PH [StreetEasy]
· Midtown Setai coverage [Curbed]

Setai Fifth Avenue

400 Fifth Avenue, New York, NY