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Penthouse sale sets record

A duplex penthouse at a tower under construction on Manhattan's West 57th Street went under contract for more than $90 million, setting a record for a single residence in the borough.

The 11,000-square-foot unit, spanning the 89th and 90th floors of the building known as One57, sold at a price between $8,000 and $9,000 a square foot, Gary Barnett, president of developer Extell Development Co., said. He declined to name the buyer.

The deal is the second this month to break a record as trophy apartment hunters clamor for a limited number of units in New York's ultra-luxury market. Howard Marks, chairman of Oaktree Capital Group LLC, paid $52.5 million for a duplex at 740 Park Ave., the most ever for a Manhattan co-op, according to property records filed May 11.

"There is a small group of affluent investors that are looking for trophy properties and New York has been happy to oblige, said Jonathan Miller, president of New York appraiser Miller Samuel Inc.

The penthouse at One57 was listed for sale at $115 million after a series of price increases, according to Barnett.

The sale will close within two years, Barnett said. One57, which will become Manhattan's tallest residential tower, will begin delivering units to buyers in the second half of 2013.

The deal tops the previous Manhattan record set in February, when the full-floor penthouse owned by former Citigroup Inc. Chairman Sanford Weill was acquired for $88 million for the daughter of Russian billionaire Dmitry Rybolovlev.