In 2018, an unbuilt penthouse shell under Manhattan’s Hampshire House roof was marketed at $40 million; eight years later, it found a buyer at $6.765 million, 83% below the ask
An unfinished penthouse space inside one of the most famous buildings on Manhattan’s Billionaires’ Row has found a buyer for $6.765 million. The sale represents an 83 percent drop from the $40 million asking price placed on the raw space eight years ago. According to the listing and auction details, the three-level property is located 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 sale price brings an end, at least for now, to a long-running real estate story that shows the risks involved in expensive and highly ambitious luxury developments in New York City.
From Grand Vision to Market Reality
According to property marketing materials, the unfinished attic space first went on the market in 2018 with a $40 million asking price. It was presented as a rare opportunity for someone to create a custom home overlooking Central Park. Pre-approved architectural plans from SPAN Architecture were included to help potential buyers understand what could be built. The plans called for a 9,000-square-foot triplex with five bedrooms, five-and-a-half bathrooms, and four private outdoor terraces covering 1,200 square feet. One of the most unusual features in the proposed design was a glass-covered rooftop walkway with a wet bar. It was planned to run between the building’s two famous copper chimneys. According to Interior Design Magazine, the proposed design received a Best of Year award even though it existed only on paper. Despite the attention surrounding the project, finding a buyer willing to take on the huge construction costs proved very difficult.
Major Construction Costs Created a Barrier
The biggest challenge was that the property had almost no finished interior infrastructure. Instead of buying a completed luxury apartment, the buyer was essentially purchasing a large empty attic that would need extensive construction. Early property estimates said turning the space into a basic finished interior would take between 18 and 24 months of major construction. Marketing materials also estimated that completing the full design would cost another $15 million to $20 million on top of the purchase price. The work was made even more difficult because it had to be carried out inside a historic pre-war co-op building. Potential buyers also had to pass the Hampshire House co-op board’s strict financial and background approval process. According to the property’s sales history, the space went through several different marketing strategies over the years. After failing to sell for $40 million, it was removed from the market and later listed again for $18.75 million. It was eventually offered through an auction run by Concierge Auctions in partnership with Nest Seekers International.
Historic Architectural Background
Even with its dramatic price reduction, the penthouse remains one of the most unusual residential spaces in New York City. Hampshire House has a long and complicated architectural history. According to historical records, construction on the 39-story building began in 1926 as a project called Medici Tower, led by developer Eugene Lignante. The project stopped after the Wall Street Crash of 1929, leaving its steel frame standing above Central Park for almost a decade. The development was later revived and completed between 1937 and 1940 by architects Caughey & Evans. They added the steep copper roof and detailed white-brick exterior that make the building easy to recognise today. Renowned interior designer Dorothy Draper designed the building’s grand lobby, helping establish Hampshire House as a prestigious address. Over the years, the building has been home to a number of well-known residents, including famous opera tenor Luciano Pavarotti.
Auction Process Produces a Final Sale
According to Concierge Auctions, the final sale followed a competitive online auction. Bidding started at $6 million before ending at $6.765 million. Auction officials said that although the final price was far below the original expectations, the auction process helped reveal what buyers were actually willing to pay for such an unusual property. Chad Roffers, chief executive and co-founder of Concierge Auctions, said the result showed the value of using a clear and competitive auction process for rare properties. “This sale demonstrates that truly irreplaceable real estate continues to command global attention when presented through a transparent, time-defined process,” Roffers said. “The Hampshire House penthouse represents one of the rarest residential offerings in New York City, a hidden architectural landmark with remarkable redevelopment potential.” The new owner will still face a difficult and expensive construction project before the proposed plans can become a real home. However, the sale finally creates an opportunity for one of Manhattan’s most famous unused spaces to be transformed into a finished residence.
