Penthouse On Manhattan’s Billionaires’ Row Will Be Auctioned Off

A Manhattan penthouse overlooking Central Park, on the so-called Billionaire’s Row, with an award-winning redesign teed up, is being auctioned off next month with no reserve. 

The apartment is currently on the market for $40 million and has been appraised at $100 million post renovation.

The auction is taking place online from December 18 to 22 through Concierge Auctions.

Based on the plans, the unit would span three floors, with five bedrooms and 5 1/2 bathrooms, on the 37th through 39th floors of the 1930s Hampshire House, a white glove cooperative at 150 Central Park South, with views of Central Park and the midtown skyline. It will be delivered to the winning bidder with award-winning design plans approved by the co-op board and with building permits in place.

The apartment comes with 9,650 square feet of space, 1,125 square feet of that outdoors, including a terrace off the master bedroom that faces the park.

Seller Arnon Katz, an artist and real estate investor based in the UK, purchased the 

1,800-square-foot penthouse, as well as the rights to develop the two floors above it, for a total of $22 million in 2014, according to property records. He then hired SPAN Architecture, whose design for the unit won Interior Design magazine’s best “On the Boards” residential design of 2018, along with luxury general contractor SilverLining.

“Years of passion and knowledge went into the planning, design, and obtaining of the permits necessary to offer this extraordinary offering,” Katz said in a statement announcing the auction. “There is absolutely nothing else like it in the world, and this is what makes it truly special. I’m confident that Concierge Auctions’ incredible global reach and a team of top talent will identify the perfect buyer, an individual as unique as this property itself, who not only understands the value, but who also has the vision to complete this magnificent penthouse to its reality.” 

The unit’s carrying costs are $5,000 per month, which Shawn Elliott of Nest Seekers International, who is co-listing the property with Tal Reznick, says is unusually low.

“Anywhere else would be typically upwards of $60,000 or more in just real estate taxes alone,” says Elliott, who notes that the carrying costs are based on the 37^th floor, but that they shouldn’t change after the renovation.

The apartment has been appraised at $100 million upon completion using estimated construction, engineering and finishing costs of $15 to $20 million.

“This is a true trophy property, and there’s just so few of them,” Elliot says.

The building’s amenities include a gym, spa and valet parking. Past residents include artist Frida Kahlo and tenor Luciano Pavarotti.

“This property is unparalleled in New York City,” said Peter Pelsinski, principal of SPAN Architecture. “It’s a once-in-a-lifetime opportunity to own an iconic piece of design work in NYC.”

High-end home auctions have proliferated in recent years as sellers look to generate more attention for their listings and as the luxury market has become saturated with properties.

This post first appeared on Forbes.com. To see the original, click here.