When the top floor penthouse at 400 Fifth Avenue went on the market this week for $32 million, it sounded exorbitant for a high-rise in Midtown South that is centrally located away from New York's greater parks and rivers. One can see pretty far from 60 floors up, however, and Andrew Anderson of Prudential Douglas Elliman told The Real Deal that he expects the property to "trade at close to the asking price." That type of abundant confidence is what's made 400 Fifth Avenue practical Pricechopper HQ since coming to market two years ago.
Early on, confident brokers decided to price very aggressively with the building's penthouses, very quickly jacking up prices from initial asks to over $4,000 a square foot. Many remain on the market or have been delisted. Building-wide, recorded sales prices at the Fifth Avenue Setai have averaged $1,791 per square foot, 32% below average previous sales listings in the building of $2,648 per square foot. Despite this disparity, the price of active sales listings are currently even higher, at $2,765 per square foot. The 6BR/6.5BA Penthouse 1NS went on the market asking $4,649 per square foot.
· Top-floor penthouse at Midtown’s Setai hits the market for $32M [TRD]
· 400 Fifth Avenue, PH1NS [Elliman]
· 400 Fifth Ave. PH1NS [StreetEasy]
· 400 Fifth Avenue coverage [CurbedNY]