Manhattan Penthouse Sold for $25 Million
A luxury triplex at 1110 Park Ave. has gone under contract as Manhattan records steady high-end market activity.
Updated on Oct. 12, 2026 in Residential
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A 7,000-square-foot penthouse at 1110 Park Ave. in Manhattan has gone under contract for approximately $25 million. The sale is part of a broader week for the city, which saw 25 luxury contracts signed for properties valued over $4 million.
Why it matters
The sale highlights ongoing demand in the luxury real estate sector, with 55 such contracts executed in Manhattan during the first two weeks of October 2026. This activity persists as buyers manage tax obligations and market shifts.
The penthouse, which was listed for $24,950,000 in January 2026, spans 7,000 square feet and carries monthly HOA fees of $17,407. The unit is one of nine exclusive residences within the 16-floor building.
The players
Roberto Cavalli
He is an internationally recognized fashion designer whose signature style is reflected in the custom furnishings of the penthouse.
Gianfranco Ferre
He was a renowned Italian fashion designer known for his structured designs which are featured in the luxury property.
The details
The triplex unit features a 1,600-square-foot private rooftop and interiors furnished with custom pieces by Roberto Cavalli and Gianfranco Ferre. The property previously sold as a sponsor unit in 2019 for $17.25 million.
Timeline
The 1110 Park Ave. penthouse was constructed in 2015.
The unit was sold as a sponsor sale in 2019 for $17.25 million.
The penthouse was officially listed for sale in January 2026.
A total of 25 luxury contracts were signed by October 11, 2026.
The deadline for pied-à-terre tax exemption applications is October 13, 2026.
Culture Shift
The transaction occurs against the backdrop of New York City's pied-à-terre surcharge, which levies a 6.5% tax on high-value condos. This regulatory environment is reshaping luxury investment strategies as owners weigh tax exemptions against rising overhead costs.
Homebuyers in the luxury segment must now account for the 6.5% effective pied-à-terre surcharge for properties exceeding $5 million. Prospective owners should review local tax exemption deadlines to avoid additional financial obligations on high-end Manhattan assets.
The takeaway
The sustained volume of luxury contracts indicates that high-net-worth buyers remain active despite complex tax environments. Prospective luxury buyers should prioritize checking tax exemption deadlines early in the purchase process.
What happens next
The deadline for owners to apply for exemptions from the 6.5% pied-à-terre surcharge is October 13, 2026.
Further reading
For more on high-end property trends, browse our latest New York City Residential reports.
Source note: This article includes information reported by Real Estate News & Insights | realtor.com®.
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