The Most Expensive New Development Sales in NYC in 2023

Real estate in New York City is known for moving at super speed thanks to competitive buyers, expert agents, and record high prices. So what are today’s most expensive new development in NYC?

After all, this city is home to one of the most expensive zip codes in the country: Tribeca’s 10013, where the median listing price is $4.8 million. It’s also home to Billionaire’s Row, where the record was set for the most expensive American real estate sale with multiple floors of 220 Central Park South going to hedge fund manager Kenneth C. Griffin for $238 million. Clearly, this is a record-setting market with record-setting sales.

We’ve gathered up the city’s biggest power players, most impressive properties, and the numbers that put them ahead of the rest.

1165 Madison Ave PHC

This has been one of the most expensive sales of 2023 so far. The property, on the corner of Madison Ave. and 86th St. in the Upper East Side of Manhattan, is a brand-new boutique condominium called the Bellemont. The sale specifically involves the top four of thirteen floors, which include two penthouse floors combined. It was purchased by an anonymous buyer under the 1165 Madison PHC-D Trust name for $67.9 million in March of this year.

Altogether, the space is 13,000 square feet and includes 11 bedrooms and 12 bathrooms. That breaks down to about $5,230 per square foot. It was the first sale that closed in this new property, because it had been in the works for months prior as the development was being built.

The site at 1165 Madison Ave. was bought in 2019 by Naftali Group, Miki Naftali’s development firm. It was sold by Vornado Realty Trust for $71 million. At the time, it included two vacant buildings, a small apartment building, and a retail space which was home to chef Michael White’s restaurant “Ristorante Morini”.

• Original asking price: $40 million and $27 million for each penthouse
• Sale price: $67.9 million

443 Greenwich St PHH

This expensive new development comes with some major celebrity connections. Formerly the home of Justin Timberlake and Jessica Biel, this Greenwich St. penthouse sold for $29 million after the couple bought it for $20.2 million in March 2017. But that wasn’t the end of the story for the Northwest Tribeca gem.

It has been quickly flipped by an unknown buyer (and seller) who only owned the building for a matter of months and operated as the Delaware-based corporation Menemshovitz NY Realty. This is likely a shell company, and it’s connected to multiple other million-dollar new developments throughout the NYC area including Broome St. in Soho and Jane St. in the West Village. The seller put the penthouse on the market asking for $35 million and by the time the sale closed, the winning bid was a cool $49.5 million. Looks like they got away with a great deal.

Spanning three levels of the historic former book binding factory, the penthouse comes with a total 5,300 square feet of space — plus over 2,500 square feet dedicated to an outdoor terrace. It’s the largest home in the building, with plenty of dramatic, character-filled details leftover from what was a gut renovation. That includes 20 foot ceilings, pine beams, and restored vintage windows with spectacular streams of light. The kitchen is at the top of its game with Calacatta marble, dual dishwashers, and side-by-side Subzero refrigerators. There’s also a media room with a wet bar, fireplace, and en suite bathroom.

• First asking price: $35 million
• Sale price: $49.5 million

111 West 57th PT78

This building is known as the Steinway Tower, and it’s one of the tallest building in the city by roof height, and one of the tallest buildings in America — so needless to say, the views are sure to stun you. Reaching 84 storeys high and 1,428 feet tall, the building is owned by development firm JDS Development Group and Property Markets Group, and is located in the heart of Manhattan at the corner of 57th Street and 6th Avenue.

Its duplex penthouse number 78 is one of the most expensive new developments in NYC thanks to its price tag of $53.8 million. With four bedrooms, four and a half baths, 14-foot ceilings, and over 6,000 square feet of space, the unit costs about $7,300 per square foot total. In February, an unknown buyer paid the price, which is now known to be one of the most expensive in the building. In fact, its nearby neighbor Penhouse 75, is the city’s 12th most expensive deals since March of 2020.

• First asking price: $53.8 million
• Sale price: $47.2 million

217 w 57th #114

Surprisingly, unit 114 of 217 West 57th Street (also known as Central Park Tower) came in under its asking price, but it’s still on our list of the most expensive new developments in NYC. This Billionaire’s Row residence was built by the Extell Development company, which is helmed by real estate power player Gary Barnett. Unit 114 went on the market in 2018 asking for $63.5 million. By the time the it closed in 2021, it had been sold for $19 million less at $45 million. Broken down, that’s $6,400 per square foot.

The buyer is unknown (are you sensing a pattern?) but goes by the company name NGM Bridge LLC. They’ve got a special piece of property on their hands, considering this condo is 7,000 square feet total with five bedrooms and five bathrooms — in other words, a New York City mansion.

Central Park Tower sits high above Manhattan — 1,550 feet high, specifically — and provides incredible views of the city and its green jewel, Central Park. The stunning exterior was designed by Adrian Smith + Gordon Gill Architecture, with interiors done by Rottet Studios. The tower’s amenities include a 60-foot pool, steam room, sauna, an indoor saltwater pool, and a squash court.

• First asking price: $63.5 million
• Sale price: $45 million

25 Columbus Circle #STPH8

25 Columbus Circle is part of the Deutsche Bank Center, formerly the Time Warner Center, a massive mixed-use building on the edge of Central Park in — you guessed it — Columbus Circle. The complex has two 750-foot towers that are connected via a beautiful multi-storey atrium building. Altogether, this building has 2.8 million square feet, broken up by offices, a hotel, entertainment venue, shopping mall, and Whole Foods grocery store on its lowest level. It also includes residential condominiums, the penthouse of which was one of the most expensive new development sales in NYC as of this year.

The penthouse unit was sold on January 3, 2023 for a total closing price of $40 million. Even though that’s a whopping price tag, its asking price was even higher, at $49.9 million. The unit includes 5 bedrooms and 6 bathrooms across over 8,000 feet, and translates to about $4,834 per square foot. It’s located on the 80th floor and features inlaid stone, marble, and Bubinga wood flooring, dual fireplaces, floor-to-ceiling windows, and jaw-dropping views of the iconic Central Park.

• First asking price: $49.9 million
• Sale price: $40 million

220 Central Park South #37B

This Vornado-owned address is known not just for its stunning architecture and powerful buyers, but for being home to many of the most expensive new developments in NYC. One of those is Unit 37B, which sold in February of this year for a whopping $33.8 million.

The seller, who walked away with a $12 million profit in the deal, was none other than real estate executive Ofer Yardeni of Stonehenge NYC. He owned the condo since 2019 and unsuccessfully listed it as a rental from February to November 2022 with an asking monthly price of $75,000.

The unit is located on the 27th floor and comes with three bedrooms and three bathrooms. It costs $11,100 per square foot and is sure to be a status symbol for any resident of the real estate-famous luxury development. It has 118 units total, all featuring interiors by Thierry W. Despont, gorgeous outdoor terraces, a top-of-the-line fitness center, and a private restaurant by famous chef Jean-Georges Vongerichten. Check out our guide to learn more about 220 Central Park South.

• Sale price: $33.8 million

56 Leonard St #PH53

One of the city’s most expensive new developments is penthouse 53 of 56 Leonard Street. Sold in January of this year for a nice $30.1 million — a number that is jaw-dropping, yet run of the mill considering its pricey market location of Tribeca, Manhattan.

This luxury development houses 10 full-floor penthouses in its 56 storeys which stretch up to 821 feet tall. The building was beautifully designed by Swiss architectural firm Herzog & de Meuron. Residents of this star-studded building have included the musician Frank Ocean and the actor Keegan Michael-Key. It houses one of hte most expensive rentals in the city, with a $150,000 rent. Its amenities are just as impressive, with a gym, 75-foot infinity pool hot tub, movie theaters, and a famously impressive terrace.

• Sale price: $30.1 million

How can you own your piece of new developments in NYC?

Whether you’re selling a new development or on the hunt for one, dealing with skyhigh prices doesn’t come easy unless you have an experienced, powerful agent on your side. The team at NewDevRev can help you find the right residence for you at the best possible price in your favor. Reach out to the team and we’ll take care of the rest.