If a $150 million penthouse is a tad out of your budget, fret not: the Chetrit Group’s forthcoming 550 Madison Avenue condominium has tons of options for the budget-conscious billionaire.
Overall, the average asking price for the 96 residences at the former Sony headquarters is $4,791 per square foot, with a total sellout of $1.8 billion, according to an offering plan filed with the New York Attorney General and reviewed by The Real Deal. In comparison, Harry Macklowe’s 432 Park asked $6,894 per square foot on average, Extell Development’s One57 asked $6,888 per square foot, and Related Cos. and HFZ Capital Group’s One Madison asked $5,061 (Prices are as of TRD‘s most recent ranking in Feb. 2014)
| Unit | Beds/Baths/Half baths | Size (Square Feet) | Asking price | Price per square foot |
|---|---|---|---|---|
| 13A | 3/3/1 | 3,100 | $11,000,000 | $3,548.39 |
| 14A | 3/3/1 | 3,072 | $11,750,000 | $3,824.87 |
| 15A | 3/3/1 | 3,144 | $12,050,000 | $3,832.70 |
| 16A | 3/3/1 | 3,072 | $12,150,000 | $3,955.08 |
| 17A | 3/3/1 | 3,144 | $12,450,000 | $3,959.92 |
| 18A | 3/3/1 | 3,072 | $12,550,000 | $4,085.29 |
| 19A | 3/3/1 | 3,144 | $12,850,000 | $4,087.15 |
| 20A | 2/2/1 | 3,156 | $12,950,000 | $4,103.30 |
| 21A | 3/3/1 | 3,144 | $13,250,000 | $4,214.38 |
| 22A | 3/3/1 | 3,072 | $13,350,000 | $4,345.70 |
| 23A | 5/5/1 | 5,092 | $22,450,000 | $4,408.88 |
| 24A | 5/5/1 | 5,029 | $22,950,000 | $4,563.53 |
| 25A | 5/5/1 | 5,092 | $23,450,000 | $4,605.26 |
| 26A | 5/5/1 | 5,029 | $23,950,000 | $4,762.38 |
| 27A | 5/5/1 | 5,092 | $24,450,000 | $4,801.65 |
| 28A | 5/6/00 | 4,993 | $24,950,000 | $4,997.00 |
| 29A | 4/4/1 | 4,185 | $22,600,000 | $5,400.24 |
| 30A | 4/4/1 | 4,119 | $23,100,000 | $5,608.16 |
| 31A | 4/4/1 | 4,185 | $23,600,000 | $5,639.19 |
| 32A | 5/6/3 | 8,278 | $51,500,000 | $6,221.31 |
| 33A | 8/7/4 | 11,059 | $75,000,000 | $6,781.81 |
| 13B | 2/3/0 | 3,235 | $11,500,000 | $3,554.87 |
| 14B | 2/3/0 | 3,334 | $12,550,000 | $3,764.25 |
| 15B | 2/3/0 | 3,334 | $12,700,000 | $3,809.24 |
| 16B | 2/3/0 | 3,334 | $12,850,000 | $3,854.23 |
| 17B | 2/3/0 | 3,334 | $13,000,000 | $3,899.22 |
| 18B | 2/3/0 | 3,334 | $13,150,000 | $3,944.21 |
| 19B | 2/2/1 | 3,334 | $13,300,000 | $3,989.20 |
| 20B | 2/3/0 | 3,318 | $13,450,000 | $4,053.65 |
| 21B | 2/3/0 | 3,334 | $13,600,000 | $4,079.18 |
| 22B | 2/3/0 | 3,334 | $13,750,000 | $4,124.17 |
| 23B | 4/4/1 | 5,365 | $23,825,000 | $4,440.82 |
| 24B | 4/4/1 | 5,365 | $24,175,000 | $4,506.06 |
| 25B | 4/4/1 | 5,365 | $24,525,000 | $4,571.30 |
| 26B | 4/4/0 | 5,365 | $24,875,000 | $4,636.53 |
| 27B | 4/4/1 | 5,365 | $25,225,000 | $4,701.77 |
| 28B | 4/4/1 | 5,381 | $26,650,000 | $4,952.61 |
| 29B | 5/7/1 | 7,342 | $41,500,000 | $5,652.41 |
| 30B | 5/6/1 | 7,342 | $42,000,000 | $5,720.51 |
| 31B | 5/7/1 | 7,342 | $42,500,000 | $5,788.61 |
| 32B | 5/6/4 | 8,780 | $51,000,000 | $5,808.66 |
| 34B | 5/6/4 | 9,178 | $60,000,000 | $6,537.37 |
| 13C | 4/4/4 | 4,138 | $14,850,000 | $3,588.69 |
| 14C | 4/4/0 | 4,726 | $18,000,000 | $3,808.72 |
| 15C | 4/4/1 | 4,641 | $18,000,000 | $3,878.47 |
| 16C | 4/4/1 | 4,726 | $18,500,000 | $3,914.52 |
| 17C | 4/4/1 | 4,641 | $18,500,000 | $3,986.21 |
| 18C | 4/4/1 | 4,726 | $19,000,000 | $4,020.31 |
| 19C | 4/4/1 | 4,641 | $19,000,000 | $4,093.95 |
| 20C | 4/4/1 | 4,623 | $19,500,000 | $4,218.04 |
| 21C | 4/4/1 | 4,641 | $19,500,000 | $4,201.68 |
| 22C | 4/4/1 | 4,726 | $20,000,000 | $4,231.91 |
| 23C | 2/2/1 | 3,505 | $14,750,000 | $4,208.27 |
| 24C | 2/2/1 | 3,515 | $14,900,000 | $4.238.98 |
| 25C | 2/2/1 | 3,505 | $15,050,000 | $4,293.87 |
| 26C | 2/2/1 | 3,515 | $15,200,000 | $4,324.32 |
| 27C | 2/2/1 | 3,505 | $15,350,000 | $4,379.46 |
| 28C | 2/2/1 | 3,371 | $15,000,000 | $4,449.72 |
| 29C | 4/6/1 | 5,827 | $31,300,000 | $5,371.55 |
| 30C | 4/6/1 | 5,827 | $31,800,000 | $5,457.35 |
| 31C | 4/6/1 | 5,827 | $32,300,000 | $5,543.16 |
| 33C | 8/8/10 | 21,504 | $150,000,000 | $6,975.45 |
| 13D | 0/1/0 | 535 | $2,125,000 | $3,971.96 |
| 14D | 3/3/1 | 2,648 | $9,850,000 | $3,719.79 |
| 15D | 3/3/1 | 2,665 | $10,150,000 | $3,808.63 |
| 16D | 3/3/1 | 2,648 | $10,250,000 | $3,870.85 |
| 17D | 3/3/1 | 2,665 | $10,450,000 | $3,921.20 |
| 18D | 3/3/1 | 2,648 | $10,550,000 | $3,984.14 |
| 19D | 3/3/1 | 2,665 | $10,750,000 | $4,033.77 |
| 20D | 2/2/1 | 2,694 | $10,950,000 | $4,064.59 |
| 21D | 3/3/1 | 2,665 | $11,150,000 | $4,183.86 |
| 22D | 3/3/1 | 2,648 | $11,250,000 | $4,248.49 |
| 23D | 3/3/1 | 3,263 | $13,750,000 | $4,213.91 |
| 24D | 3/3/1 | 3,265 | $14,050,000 | $4,303.22 |
| 25D | 3/3/1 | 3,263 | $14,350,000 | $4,397.79 |
| 26D | 3/3/1 | 3,265 | $14,650,000 | $4,486.98 |
| 27D | 3/3/1 | 3,263 | $14,950,000 | $4,581.67 |
| 28D | 2/2/1 | 3,416 | $15,750,000 | $4,610.66 |
| 35D | 8/7/2 | 8,550 | $57,500,000 | $6,725.15 |
| 13E | 0/1/0 | 478 | $1,900,000 | $3,974.90 |
| 14E | 3/3/1 | 3,421 | $13,000,000 | $3,800.06 |
| 15E | 3/3/1 | 3,421 | $13,150,000 | $3,843.91 |
| 16E | 3/3/1 | 3,421 | $13,350,000 | $3,902.37 |
| 17E | 3/3/1 | 3,421 | $13,500,000 | $3,946.21 |
| 18E | 3/3/1 | 3,421 | $13,700,000 | $4,004.68 |
| 19E | 3/3/1 | 3,421 | $13,850,000 | $4,048.52 |
| 20E | 2/2/1 | 3,435 | $14,050,000 | $4,090.25 |
| 21E | 3/3/1 | 3,421 | $14,200,000 | $4,150.83 |
| 22E | 3/3/1 | 3,421 | $14,400,000 | $4,209.30 |
| 13F | 0/1/0 | 565 | $2,250,000 | $3,982.30 |
| 13G | 0/1/0 | 600 | $2,400,000 | $4,000 |
| 13H | 0/1/0 | 506 | $1,995,000 | $3,942.69 |
| 13I | 0/1/0 | 557 | $2,200,000 | $3,949.73 |
| 13J | 0/1/0 | 493 | $1,945,000 | $3,945.23 |
| 13K* | 3/2/00 | 1,234 | 4936000 | $4000.00 |
| 13L | 0/1/0 | 485 | $1,890,000 | $3,896.91 |
| TOTAL Residential | 393,305 | 1,884,166,000 | $4,790.60 |
At 550 Madison, prices start at $11 million, or $3,550 per square foot, for a three-bedroom condo that measures 3,100 square feet. Four-bedrooms range from $14.85 million for a 4,138-square-foot pad to $32.3 million for a 5,827-square-foot duplex unit.
In 2013, Chetrit, David Bistricer’s Clipper Equity and other investors paid $1.1 billion for the property, which is located between 55th and 56th streets. Along with the condo portion of the building, the 37-story tower will have just over 240,000 square feet of commercial space, 25,787 square feet of retail space and a 10,600-square-foot museum space, according to the offering plan.
And while the 21,504-square-foot, $150 million penthouse will be — for the moment at least — the city’s priciest listing, 550 Madison will also have a 11,059-square-foot condo asking $75 million. Unit 33A will have eight bedrooms, seven bathrooms, four half-baths, a living room, dining room, kitchen, library/bar and media room.
Apartment 33A, which is listed for $75 million (Credit: E.B. Solomont/The Real Deal | Click to enlarge)
Unit 34B, measuring 9,178 square feet, will be the building’s third-priciest unit at $60 million. It will have five bedrooms, six bathrooms and four half-baths.
Apartment 34B, which is listed for $60 million (Credit: E.B. Solomont/The Real Deal | Click to enlarge)
Like other super-luxury projects – including Zeckendorf Development’s 15 Central Park West – 550 Madison will have seven studio apartments, which start at a more terrestrial $1.9 million for a 478-square-foot unit.
The catch? They’re only available to buyers who purchase another unit in the building.