clock menu more-arrow no yes mobile

Filed under:

$68.5M penthouse of 212 Fifth Avenue poised to become one of NYC’s priciest pads

New, 17 comments

The top-floor residence will cover more than 10,000 square feet

Yet another ultra-luxury penthouse is poised to hit the market this week: according to Forbes, the pinnacle of luxury condo conversion 212 Fifth Avenue will soon be up for grabs for $68.5 million. And while prices like that are hardly unheard of—especially in epicenters of luxury living like Tribeca and Midtown West—they’re something of an anomaly in Nomad, where the price tag likely makes the place the priciest pad in the hood. (It also secures the building a spot on the list of NYC’s priciest homes for sale—or it should, once the listing is officially on the market.)

"The area around Madison Park has been built up over the past few years and is coming into its own as a place for high-end living," Robert Gladstone, owner of Madison Equities, the development firm behind the project, told Forbes.

The sprawling top-floor residence is still under construction, but when the unit is done, it will span the entirety of the building’s top three floors, offering more than 10,000 square feet of living space. A surely incomplete list of known amenities includes: Calcatta gold marble, chevron-patterned oak floors, steam showers, and 5,700 square feet of outdoor space—enough to accommodate both a pool and "major works of art."

At the same time, the market for $10 million-plus residences is starting to taper off. Fewer $10 million-plus units are going into contract, reports Forbes; meanwhile, more and more apartments are selling below the initial ask. According to Robert Danker, president of Prime Manhattan Residential, it’s a basic issue of supply and demand—too many luxury construction projects, too few luxurious people to buy them.

Update, 10/24/16: Renderings and floorplans, along with a listing for the over-the-top property, hit StreetEasy (and Town Residential's website—they're marketing the place) over the weekend—check those out below. While the renderings don't quite show off the grandeur of the space, those floorplans are pretty bonkers.

Watch: Five Failed Properties of Donald Trump