As the Dow Jones Industrial Average plunged and tariff headlines rippled through global markets, a different number was turning heads in Manhattan: A newly listed $110 million penthouse, now the most expensive home for sale in New York City.
The listing debuted April 3 during one of Wall Street’s most turbulent weeks on record. That day, the Dow fell 1,679 points, shedding 4%. The day after, it lost another a 2,231 points. Markets have been turbulent ever since as trade policy uncertainty leaves investors uneasy.
Sotheby’s International Realty broker Nikki Field, who represents the Manhattan listing, said the market swings haven’t rattled her target buyers.
“This buyer segment remains untouched by market volatility,” Field said. “They’re not reacting to headlines or fluctuations. They’re focused on curating world-class portfolios, and ultra-prime residential real estate continues to be a core asset class for them.”
The property in question is a rare bundled offering atop the landmark Steinway Tower at 111 West 57th St. Penthouse 80 and Penthouse 82 are being marketed together as a potential quadplex, spanning the tower’s top four levels, which feature private elevator access. Combined, they offer 11,480 square feet, five bedrooms, six bathrooms, multiple lounges, and a 618-square-foot terrace with sweeping views of Central Park and both rivers on either side of Manhattan.
“While the homes remain physically separate today, the opportunity lies in their architectural potential,” Field said.
According to Sotheby’s, neither unit has ever been publicly listed or marketed individually.
Since launching the quadplex listing earlier this month, Field says buyer interest has been strong.
“Several highly qualified individuals have already inquired and toured the residence. There’s real momentum,” she said.
According to reporting from The Real Deal, Field and her team took over sales at 111 West 57th St. in July, replacing Corcoran Group and becoming the third brokerage since the building launched in 2018.
Penthouse premium
Jonathan Miller of real estate appraisal and consulting firm Miller Samuel told CNBC that while nine-figure listings were once seen as more publicity stunt than actual sale, that dynamic has changed.
“U.S. home sales over $100 million now average about four per year,” he said. “We saw a record nine in 2021 and eight in 2024.”
Last year, New York saw just two nine-figure listings: a $135 million penthouse at the Crown Building purchased by billionaire Vladislav Doronin, and a $115 million sale at the Central Park Tower acquired by Extell founder Gary Barnett.
One of the more notable examples sits just down the block: Ken Griffin’s 2019 purchase of a 24,000-square-foot quadplex at 220 Central Park South, which still holds the record for the most expensive home ever sold in the U.S. at $238 million.
For context, Griffin’s acquisition totaled approximately $10,420 per square foot. The $110 million listing at 111 West 57th St., at 11,480 square feet, comes in at roughly $9,578 per square foot.
Still, Miller cautioned against reading too much into these sky-high sales: “They should be viewed as one-off sales and not attached to local luxury housing markets.”