New York City penthouse listed for $100M

(Elliman.com)

(AP) NEW YORK - What will $100 million buy you in New York City's real estate market? Apparently, a really good view.

An exclusive listing is offering an octagon-shaped penthouse in midtown-Manhattan that boasts three floors of living space, panoramic views of the city, six bedrooms, nine bathrooms and a wine room for 1,000 bottles.

And that's not all.

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The 8,000-square-foot apartment on West 56th Street has its own elevator and wraparound terraces on three floors. It is possible to see nearly all of the city's bridges from its 135 windows.

An 8,000-square-foot penthouse apartment for sale in New York comes with six bedrooms, nine bathrooms, and stunning views of Manhattan.

/ Elliman.com

The penthouse is being sold by Long Island real estate developer Steven Klar, who purchased it for 4.5 million in 1993 and spent at least as much renovating it.

Klar told The New York Times he has decided to sell it because his 5-year-old son "could potentially get out on the terraces."

The triplex, occupying the 73rd through the 75th floors, is the exclusive listing of Raphael De Niro, a broker with Prudential Douglas Elliman and the son of actor Robert de Niro. He said the terraces offer the highest outdoor residential space in the city.

It is located in CitySpire, a tower that created controversy when it went up in 1988 because the developer built it higher than zoning codes allowed. The city reached a settlement with the developer. There also were complaints from area residents of loud whistling emanating from the tower. Louvers on the top of the building had to be adjusted to reduce the noise.

During the downturn in the housing market in the early 1990s, lenders took away the building from the developer. Klar purchased his penthouse after his company, Klar Organization, was brought in to sell the unsold apartments.

The asking price reportedly is the highest for any New York City apartment currently on the market. A six-bedroom penthouse at One57, a tower currently going up nearby, is under contract for $90 million.

[feralferal]

Apartment life rule # 73: Those with the nicest views spend the most time looking at the inside of the elevator.

[HiddenPousadas]

You know something? I think my penthouse on 7th and 8th floors is infinitely nicer! It definitely doesn't have so many bedrooms or bathrooms but the views are still 180o spectacular and it has the added benefit of being in Rio de janeiro! If you buy a place to live in the investment prospects are irrelevant.

[Wondering53]

Obscene that an apt would cost this much, I don't care where it is or what the view looks like. I wouldn't want to live that high up. If there was a fire, you'd die.

[waynenipper]

Life's a ***** for some people ... tough ...

[nohater]

73rd to 75th floors. an awful place to be in event of a huge fire, huge earthquake, or another terrorist attack. except for the square footage, the view, it's a basic residence with kitchen, bed, furnishings. even if i had the money i wouldn't buy it preferring to build a mansion, or a castle, no higher than 3 stories.

[linfinster]

And all I need is a, "measly" $100K to be set for life! That would be a coffee break for someone like this ... geeeesh! I can't even fathom that kind of lifestyle. I bet they don't even THINK about making the mortgage payments.

[Transatlantique]

He is selling it because his kid could get out onto the terraces. Okay, its called a child lock, and it works on doors as well as cupboards. But, with that much clout suspended in mid air, I could see wanting to cash in on it for the vulnerability aspect alone given the volatile nature of today's weather and possible future problems. I would want my 100 million closer to the ground, and in a safer more out of the way place doing something that would sustain me in a financial meltdown crisis, like an off the grid, self sustainable vegetable farm with a house built into the side of a hill.

At any rate, that was one hell of a good investment move.

[1notrub11]

I certainly agree with regard to the investment move. If you take away his ~ $10M investment, it leaves him $90M profit, $50M after taxes. If he spent $1K per day on transportation, he could commute to the city for ~25-30 years and only spend $10M. Seems to me he could find something nice outside the city for the other $40 mil.

Everyone should have it so tough!

[byrdh5n1]

Good lord - keep the penthouse, sell the son.....