The $250M penthouse at Central Park Tower was unpriced for six years before Extell unveiled it in September 2022. And there’s more where that came from.
Did you know there’s another mega condo just one floor below? An unpriced duplex with eight bedrooms and nearly 11,000 square feet. If Extell offers residence 127 at a similar price per square foot it would be asking around $164 million.
This isn’t the only new development with secret shadow units like these.
Sponsors sometimes hold back select inventory to test the market and align prices for release at a later date. They tend to be units that are premium, unique, or encompass a portion of the building that requires different pricing considerations.
Unpriced inventory makes up a small percentage of overall unsold new dev condo inventory but is different from unlisted (or off-market) because the sponsor is not yet ready to sell. These units have never been offered for sale, are not searchable, and are only known to project insiders.
Typically developers employ this strategy for ultra-premium penthouses, as is the case with Central Park Tower, though sometimes the strategy is used more broadly like at The Towers of the Waldorf Astoria where only 27% of the project has been priced. See it here >>
Marketproof has created a new feature for searching unpriced units within New Dev & Condo’s inventory analysis so you can see future mega-deals before anyone else.
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Unpriced condo data is another way Marketproof New Development is here to help you with your business. With Marketproof New Development & Condo, you can access available inventory, past sales, and more for 160,000 condos. You can also see the pipeline of future projects. Create an account today, and get a 7-day free trial.
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