A triple storey penthouse on top of one of New York’s best hotels is due to break the record books by going on sale for an eye-watering $120million.
The 12,000 square foot penthouse on the top three floors of the luxury Pierre hotel is predicted to sell for up to $120million which would make it New York’s most expensive piece of real estate and one of the country’s most expensive homes.
It was owned by Martin Zweig, a stock investor and market, expert who died last month at the age of 70 and was well-known for predicting the 1987 stock market crash.
Looking down on you: Some lucky millionaire could be about to purchase this three storey New York penthouse for $120million. The house would break records in New York if it reached a price that high
A room with a view: The triplex previously owned by Martin Zweig boasts a spectacular ballroom looking out on Central Park
Sources have told theNew York Post their eye-watering predictions for the sale of the penthouse bought at a comparative snip for $21.5million in 1999.
The plushly decorated triplex has a ballroom, four terraces, five fireplaces and some rather spectacular views of Manhattan.
Chandeliers come as standard in most rooms and a breathtaking marble staircase greets its visitors.
As property website Curbed reports, one broker once called the ballroom: ‘The most important room in private ownership in New York City.’
The east 61st Street hotel is an attraction for the rich and famous in itself.
Luxury: The property is on the top three floors of The Pierre hotel with chandeliers in almost every room
Humble abode: Rumors abound that the property is due to go on sale with the record breaking price tag of $120m. Viewers will be greeted by this marble staircase
There are 75 apartments in the building and permanent residents have included Elizabeth Taylor and Yves Saint-Laurent.
However, as the website points out the apartment failed to sell when put on the market for $70million in 2004.
New York real estate is famously expensive but a sale of $120,000 would grab headlines.
According to Business Insider the largest amount spent on a property in the city last year was $88million spent by Russian billionaire Dmitry Rybolovlev for a penthouse at 15 West Central Park.
But it wasn’t to live in.
According to reports the luxury pad was merely a holiday home for his college-aged daughter to use when visiting New York City.
Former owner: Stock investor and financial analyst Martin Zweig previously owned the luxury home. He died last month at the age of 70. He was well-known for his book on markets, right, and predicting the 1987 crash
Open house: The property failed to sell for a much lower price of $70million in 2004
Studying the market: The home is 12,000 square foot and former neighbors included Elizabeth Taylor and Yves Saint Laurent
In 2011 an Upper East Side townhouse went on the market for $90million.
It was originally bought for $6million and was previously a gym despite its ornate facade.
Zweig, a published author as well as respected investment specialist, lived in the property on top of the Pierre Hotel with his family.
A co-founder of Zweig-DiMenna Associates LLC he predicted the 1987 stock market crash when appearing on PBS’s Wall Street Week with Louis Rukeyser on October 16 of that year.
He is survived by his wife Barbara and two sons.
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