Behold! Most Expensive Home of New York City to Arrive for $118.5 Million

Posted by Rapti Gupta on Jun 21, 2014 06:05 AM EDT
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The Ritz Carlton at Battery Park, NYC more big
A combination of three Ritz Carlton penthouse apartments in New York City is about to hit the market for $118.5 million, making it the most expensive listing of the Big Apple. (Photo : Streeteasy Listing)

A combination of three Ritz Carlton penthouse apartments in New York City is about to hit the market for $118.5 million, making it the most expensive listing of the Big Apple.

In an odd deal, three units occupying the top two floors of the Ritz Carlton in Battery Park will be offered as a single apartment. The units are owned by two separate people, but will be marketed as a single property, The Wall Street Journal stated breaking news of the deal.

The $118.5 million price tag surpasses the $114 million asking of the townhouse located in the Upper East Side of the city, which previously held the title of the most expensive listing, reports Curbed.

The listing will comprise of a large 7,600-square-feet, five-bedroom residence that was once owned by Gary Segal of Five Star Electric. He also owns an adjacent three-bedroom home - also part of the listing. The third residence is a duplex unit, comprising of four bedrooms and five bathrooms which is owned by financier Randall Yanker.

The largest of the trio was listed for $56.5 million last fall, but was taken off after a short while on the market. You can see a photo below:

 

The largest of the three combo units. Courtesy: Streeteasy Listing
The largest of the three combo units. Courtesy: Streeteasy Listing

 

The duplex unit was also being offered for $23 million and pricechopped to $19 million and then taken off the market last month. That unit is pictured below:

 

The four-bedroom duplex unit. Courtesy: Streeteasy Listing.
The four-bedroom duplex unit. Courtesy: Streeteasy Listing.

 

Ryan Serhant of Nest Seekers International is the listing agent of the combo units. Serhant told The Journal that the priciest sale of New York City was the $88 million condo at 15 Central Park West that was purchased by the billionaire Dmitry Rybolovlev.

Serhant added that the combo units' views and square footage justified the lofty price tag.

There are many other price pads up for sale in the Big Apple. Earlier this month, the penthouse apartment in the Woolworth Building - once the tallest tower of the world - hit the market for $110 million. Experts agree selling these high-price pads aren't easy.

"This is fantasy pricing and you cannot trick the market," Donna Olshan, President of Olshan Realty said in an interview to Bloomberg. "They would have to demonstrate why this is the most unusual property ever seen downtown," she explained adding further that these homes are marketed to a small market segment of billionaires and high profile customers.

"Downtown [Manhattan, NYC] has been the hottest market the last couple of years. Nothing has been hotter," Olshan said.

See our coverage of all "Most Expensives" here.

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