New York's most expensive sale of the year is this $98 million penthouse on Billionaire's Row

If you’re wondering what the most expensive real estate deal of the year is in one of the most expensive real estate markets in the world, that title has just been taken by a NYC penthouse on Billionaire’s Row.

The apartment, located in one of New York‘s most exclusive addresses – 432 Park Avenue – just sold for a whopping $US 70 million ($98 million).

Found on the 82nd floor of the 96-storey building known as the tallest residential building in the Northern Hemisphere, the condo was last listed for $US79 million, records show.

The sale represents not only Manhattan’s biggest of 2022, but also the biggest since April 2021, according to the Olshan Luxury Market Report.

The former owner bought the unit (originally two separate apartments) from the developers, CIM Group and Macklowe Properties, back in 2016 for $US 62 million.

After combining the two condos into a full-floor apartment, they’ve now turned a $US 8 million ($11.1 million) profit in under six years.

That margin wasn’t always the goal, however, as the penthouse was previously listed for an eye-watering $US 90 million ($125 million) in August 2020, according to NY Post.

So what does $US 70 million get you on Park Avenue?

For starters, the entire-floor pad equals breathtaking panoramic 360-degree views of all of New York City and the surrounding tri-state area.

There are six bedrooms (two with dressing rooms), two master bathrooms, four en-suite guest bathrooms, an additional two powder rooms, as well as two offices, a media room, an oversized eat-in gourmet chef’s kitchen, and a sprawling 335 square-metre Great Room ideally situated in the prime southwest corner of the floor.

Other features include nearly 13-foot ceilings, enormous picture windows with seating throughout, custom wall treatments and millwork, and white oak flooring. Of course, the reimagined penthouse has been fit out with centrally controlled, state-of-the-art media, climate, and security systems.

The building amenities are just as much of a reason to purchase an apartment in New York as the apartment itself.

Designed by Rafael Vinoly, the extraordinary 96-storey tower rises 1,396 feet above the iconic Manhattan skyline.

Residents enjoy over 9,000 square metres of amenities, including a lounge; private restaurant; outdoor terrace for dining and events; 23-metre indoor swimming pool; fitness centre and spa with sauna, steam, and massage rooms; library; billiards room; screening / performance venue; conference room; children’s playroom; and yoga studio.

Interestingly, the sale was unencumbered by the $US 125 million ($174 million) lawsuit filed by the condo board in September 2021 against the developer for structural defects.

According to NY Post, the lawsuit alleges that the ultra-luxe building has over 1,500 design flaws which have varyingly led to flooding, electrical explosions and “horrible and obtrusive noise and vibration”.