An unfinished penthouse space inside one of the most famous rooflines on Manhattan’s Billionaires’ Row has sold for $6.765 million, an 83 percent drop from the $40 million asking price attached to the space eight years ago. According to Concierge Auctions and the property’s marketing materials, the three-level property sits beneath the steep copper roof of Hampshire House at 150 Central Park South. It went under contract after a competitive online auction. The heavily reduced price brings a temporary end to a long-running real estate story that shows the challenges of selling ambitious, unfinished luxury projects in New York City.
From grand vision to market realities
According to the property’s sales history, the raw attic space first entered the market in 2018 with a $40 million asking price. It was promoted as a rare blank canvas overlooking Central Park, giving buyers the chance to create a custom triplex from the ground up. Pre-approved plans from SPAN Architecture were included to help buyers understand the size and possibilities of the project. The plans called for a 9,000-square-foot home with five bedrooms, five-and-a-half bathrooms, and four private outdoor terraces covering 1,200 square feet. One of the proposed features was a glass-enclosed rooftop catwalk with a wet bar. The walkway was designed to sit between the building’s two distinctive copper chimneys. Jean-Gabriel Neukomm, a principal at SPAN Architecture, previously described the project as a rare opportunity to use the building’s iconic mansard roof. “This apartment is a singular opportunity to fully inhabit the iconic mansard roof of the Hampshire House on the edge of Central Park. It is an amazing gem that has been hidden in plain sight for almost a century,” Neukomm said. According to Interior Design Magazine, the proposed design received a Best of Year award even though it had not yet been built. Despite the attention, finding a buyer willing to take on the huge construction project proved difficult.
Multi-million dollar construction barrier
The main challenge was the property’s lack of finished interior infrastructure. According to the marketing materials, buyers were not purchasing a completed home but a raw attic space that required major construction. Early estimates suggested that creating a basic finished shell would take between 18 and 24 months of construction. The original marketing information also estimated that completing the full interior based on the approved plans would cost another $15 million to $20 million on top of the purchase price. The complexity of doing major structural work inside a historic pre-war co-op building further reduced the number of potential buyers. According to the sales materials, buyers also had to pass the Hampshire House co-op board’s strict financial and background approval process. Over the years, the property went through several sales strategies. After failing to sell at $40 million, it was removed from the market and later returned at lower prices, including $22 million. According to the auction and listing information, the property was eventually moved to the auction market through Concierge Auctions, working with Tal Reznick of Nest Seekers International.
Historic architectural pedigree
Despite the major price drop, the penthouse remains one of New York City’s most unusual residential spaces. According to historical information about Hampshire House, construction on the 39-story building began in the late 1920s as the planned Medici Tower under developer Eugene Lignante. The project stopped after the Wall Street Crash of 1929, leaving its steel frame standing above Central Park for years. The project was later revived and completed between 1937 and 1940 by architects Caughey & Evans. They created the steep copper roof and detailed white-brick exterior that remain defining features of the building. According to accounts of the building’s history, renowned interior decorator Dorothy Draper designed the grand lobby, helping establish Hampshire House as a prestigious address. Over the decades, the building has had a number of famous residents, including media mogul Rupert Murdoch and legendary opera singer Luciano Pavarotti.
Transparent auction process delivers result
According to Concierge Auctions, the final sale followed a competitive online auction. Bidding opened with a $6 million reserve before closing at $6.765 million. Auction officials said the final price was far below the property’s original expectations, but the structured auction brought together buyers from around the world and helped establish the property’s current market value. Chad Roffers, chief executive and co-founder of Concierge Auctions, highlighted the global interest in the property. “This is the kind of trophy asset that commands global attention–not only because of its coveted location overlooking Central Park, but because opportunities to acquire and customize an entire three-level penthouse atop one of Manhattan’s most iconic buildings simply do not exist elsewhere,” Roffers said.Listing agent Tal Reznick also pointed to the property’s unusual qualities and the timing of the sale. “The scale, rarity, and extraordinary Central Park setting of this customizable penthouse make it one of the most compelling residential opportunities in Manhattan,” Reznick said. “As confidence continues to return to New York’s luxury market, discerning buyers are actively seeking unique trophy assets that cannot be replicated, making this an ideal time for a competitive sales process that can fully capture global demand.” The new owner will still face a difficult and expensive construction project before the proposed plans can become reality. However, according to the auction and listing details, the sale finally opens the way for one of Manhattan’s most famous unused spaces to be turned into a finished home.
