The One Above All Else penthouse in Central Park Tower takes a staggering $55 million price cut a year after it was listed at $250 million
- The apartment known as 'The One Above All Else' is now listed for $195million
- Central Park Tower is the tallest residential building in the world at 1,500 feet
- The apartment was designed by Adrian Smith + Gordon Gill Architecture
The $250million triplex penthouse at Central Park Tower known as 'The One Above All Else' was slapped with a $55million price cut that knocked it out of the running for the most expensive home sale in the country.
After a year on the market, the asking price is now $195million, a reduction of 22 percent after it failed to sell in the first year it was listed.
The illustrious title of 'America's priciest home' now belongs to a $238 million apartment at 220 Central Park South which was purchased by hedge fund manager and billionaire Ken Griffin in 2019.
Central Park Tower is the tallest residential building in the world and stands at 1,500 feet tall.
Developed by NYC-based Extell and designed by Adrian Smith + Gordon Gill Architecture, the building on West 57th Street contains more than just living space.
The $195million penthouse at Central Park Tower is affectionately referred to as 'The One Above All Else'
It offers views of Central Park, the NYC skyline and Manhattan's scenic waterways
The listing price suffered a 22% cut after the penthouse failed to sell during its first 364 days on the market
It hosts a seven-story Nordstrom flagship store, 179 condo units and a private amenities suite known as the Central Park Club that takes up 50,000 feet of space.
The building has a ballroom on the 100th floor along with a private bar and a restaurant run by Michelin-starred chefs.
But the penthouse is the tower's crown jewel, spanning over 17,500 square feet and taking up its 129th, 130th and 131th floors.
The unit sits 1,416 feet above New York City on aptly-named Billionaires’ Row, where properties regularly sell for figures in the high millions.
It boasts seven bedrooms, 11 bathrooms, two kitchens, a pair of guest bedrooms, a media room, a library, a study and a separate service entrance.
Other features include an expansive spiral staircase, an observatory and a private ballroom and a top level 'designed for hosting grand gatherings and events.'
This level includes a private ballroom and terrace, both of which are the highest in the world, as well as a private salon with sweeping glass curtain walls and 27-foot ceilings.
Each floor also features a private elevator vestibule.
The unit takes up the 129th, 130th and 131st floors of the building
It includes seven bedrooms, 11 bathrooms, two kitchens and several entertaining spaces
Central Park Tower is the tallest residential building in the world, standing at 1,500 feet
One level of the penthouse is 'designed for hosting grand gatherings and events,' according to the listing
One of its most impressive features is the spiral staircase
The unit also has a private ballroom and terrace, both of which are the highest in the world
The main selling point is the impressive view of Central Park, the Midtown and Downtown skylines, and the waterways surrounding Manhattan.
Ryan Serhant of SERHANT. holds the listing for the home. He formerly boasted about the sensation of being 'above sound' while standing on the terrace, but a CBS investigation found his claims to be deceitful.
During a tour of the penthouse, a correspondent commented that the terrace was blasted by wind, especially in winter. The wind also caused the door to slam harshly behind him.
He pointed out a high-pitched whistling noise echoing inside the penthouse, which the real estate agent attributed to the weather and described it as a 'growing pain.'
At the end of 2022, the 179-unit building had fewer than 30 full-time residents.
It is unclear if flaws in design contributed to the downgraded listing price or if the amount was simply out of reach even for the wealthiest buyers.
Monthly taxes are an estimated $39,609 and common charges - condo fees which cover the building's amenities and upkeep - are $28,755.
Other units in the building took a hit as well, such as the duplex penthouse, which is now listed at $149.5million rather than $175million
The ultra-luxurious unit costs an estimated $39,609 in monthly taxes plus an additional $28,755 per month in common charges
Jumbo mortgage rates for expensive properties like these were 3.23 percent at the end of 2021 but are now close to 7.4 percent
'The One' is not the only penthouse in the building to receive a price cut either, as the duplex on the 107th and 108th floors had its price slashed.
The unit, which was put on the market in March, is now listed for $149.5million, a 14.6 percent decrease from its original $175million.
While the price cut doesn't represent the housing market as a whole, it is more expensive to buy a house than it has been in decades, even for the ultra-rich. Mortgage rates are the highest they've been in 20 years.
Interest rates have also gone up astronomically for people looking to borrow large sums of money to buy property.
Jumbo mortgage rates, which are large borrowings that exceed federal loan limits, were 3.23 percent at the end of 2021. That figure is now close to 7.4 percent, as per the St. Louis Fed.