‘Million Dollar Listing New York’: Ryan Serhant’s Ambitious $169 Million Listing Could Spell Trouble?

Ryan Serhant’s Million Dollar Listing New York could produce a significant commission windfall if he’s able to find the right buyer. The $169 million listing on the 96th-floor apartment at 432 Park Avenue is considered to be one of the most expensive listings in the city but it is also plagued with construction and mechanical issues. At $20,500 a square foot can Serhant move the 8,255 square-foot apartment considering some of the drawbacks?

How can Ryan Serhant’s ‘Million Dollar Listing’ client ask $169 million?

Serhant said the property is in demand. And the seller received “several” offers before listing it with him. “We wanted to maximize value” by bringing it on the market,” Serhant told The New York Post. A “real estate billionaire” last purchased the apartment in 2016 for $87.7 million.

Million Dollar Listing New York cast photo of Ryan Serhant
Million Dollar Listing New York cast photo of Ryan Serhant | Kareem Black/Bravo

If the owner gets the asking price, the 432 Park listing would be the second most expensive New York City real estate sale ever. Serhant seems ambitious about making that happen. “Records are meant to be broken,” he told The Post. He also described why the property can command such a steep price. “Anyone can have a big apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue,” Serhant remarked. “432 Park Avenue is one of the best creations in the world.” The most expensive listing in the city sold for $240 million in 2019, The New York Times reports.

This ‘Million Dollar Listing’ sways

While the home is luxurious, The Post previously reported that the uber-rich are no longer buying penthouses or apartments in a highrise building. In fact, one person commented specifically about 432 Park. “I got super-nauseated when I toured the penthouse of 432 Park,” a visitor to the building said. “Buildings that high sway. I was freaked out by the swaying.”

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“A lot of my clients find new penthouses to be too high,” Herbert Chou of Christie’s International Real Estate said. “The perspective is actually a little better in the 28th-to-40th-floor range, depending on the neighborhood. From a penthouse, you are looking down. You are so far up that you are detached from your surroundings.”

Serhant only said, “I can’t speak to anyone else. It’s a supertall skyscraper.” 

Could the Florida condo collapse could give buyers cold feet?

The Surfside tower collapse in Miami, Florida could also come into play as buyers may be jittery about purchasing property in a skyscraper that has reported construction issues. “We share some similarities with the Florida highrise shoreline,” New York State Sen. Todd Kaminsky told CNN. “We ask ourselves the question: What is the status of our buildings here?”

However, Allyn Kilsheimer a structural engineer said what happened in Surfside doesn’t necessarily mean all towers are on the verge of collapse. “There’s nothing that I know so far here that tells me this is symptomatic of condominiums in the United States of America,” he remarked. But some people are leaving tall buildings after the condo collapse.