Once Again, One57 Raises the Bar

One57 has the most expensive sale of a residential unit in New York City historyIt was only a matter of time until the $100 million NYC apartment sale barrier was broken. As expected by New Construction Manhattan, the most expensive sale of a New York City residential unit in history has transpired at the yet-to-be finished One57, a new Manhattan condominium that has already accumulated hundreds of millions of dollars in apartment sales. Expected to shell out $250 million in total, Qatar’s powerful prime minister, Sheik Hamad bin Jassim bin Jaber al-Thani, is purchasing the city’s most expensive penthouse, along with four separate full-floor condos in the 90-story building.

The primary residence, a $100 million Midtown West condominium, comprises the top two floors of One57, and boasts some of the most high-end features ever seen in a Manhattan apartment. Along with five bedrooms, the 10,923-square-foot unit has four fireplaces, expansive floor-to-ceiling windows with motorized window shades, a large mezzanine, and a grand salon. This sale came about after a Fifth Avenue co-op board rejected the sheik’s bid from buying two $31.5 million apartments owned by American copper heiress, Huguette Clark. Additionally, the sheik was looking at former home of songwriter Denise Rich, a $60 million co-op that hit the market back in January, but was rejected by the 785 Fifth Avenue board as well.

The shunning is most likely the result of the sheik having two wives, 15 children, and a huge entourage. This, along with the sheik’s diplomatic immunity, which could hinder a building’s legal issues, is prompting him invest in a Manhattan condominium instead. Although the $250 million he’s about to spend at One57 is several times greater than he would have to spend elsewhere, the cluster of apartments could easily accommodate the sheik’s needs, and in the process he’s paying highest price ever for a New York City apartment.