Home / Business and Economy / NYC Penthouse Sells for $39M Amid Luxury Boom
NYC Penthouse Sells for $39M Amid Luxury Boom
22 Feb
Summary
- 18 of 26 units sold, with a $39 million penthouse contract.
- Duplex penthouse features 9,350 sq ft, 7 bedrooms, and a rooftop terrace.
- Construction began in 2024 and completion is set for mid-2027.
A new development at 1122 Madison Avenue has seen significant buyer interest, with 18 out of 26 units already in contract since sales launched in January. One notable transaction is an 18th-floor residence that has gone into contract for $39 million, with developers having already raised prices four times. This success reflects a broader trend in Manhattan's luxury real estate market.
The building offers a stunning duplex penthouse with approximately 9,350 square feet of interior space, featuring seven bedrooms, a library, and a home office. Additionally, residents will enjoy about 1,982 square feet of outdoor space, including a rooftop terrace with views of Central Park. The prime location is just a block from the park.
Designed by Studio Sofield, the limestone-clad building features approximately 10,000 square feet of amenity space. These amenities include a squash court, billiards room, dining room, and a lounge. Construction commenced in 2024, with an expected completion date in mid-2027. Sales are being managed by Corcoran Sunshine Marketing Group and Cathy Franklin.
Manhattan's luxury market has recently recorded several high-value transactions. This includes a $57 million penthouse sale at 70 Vestry Street and an Upper East Side townhouse sale for $47 million. Despite a year-over-year median luxury sale price decrease of 7.5% in the fourth quarter of 2025, the number of luxury sales rose by 6.4%.
