Real Estate

Most expensive New York home—$150 million

Rebecca Ungarino
550 Madison Avenue, New York
Kenneth Hughes | Bloomberg | Getty Images

A penthouse condominium in the former Sony building is set to hit the market for a record $150 million, the New York Daily News says. The listing at 550 Madison Ave. will be the most expensive residential listing in Manhattan real estate, beating out the previous priciest abode: the penthouse at One57 in Manhattan's midtown.

That residence was bought for $100.47 million last month, the newspaper said.

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The mammoth 21,504-square-foot penthouse at 550 Madison Ave would occupy three full floors. Citing the plans, the News said the condo will have eight bedrooms, eight bathrooms and 10 powder rooms.

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"This is taking everything to whole new level," luxury broker Ben Benalloul of RLTY NYC told the newspaper. "It's setting a new standard for real estate in this area. Now, everyone is going to be playing catch-up with this number."

The Philip Johnson-designed tower, with its distinctive Chippendale top, once housed Sony and AT&T. It is being converted to condominiums by developers Chetrit Group and Clipper Equity.

In 2013, the companies paid $1.1 billion for the building, which is set to have 96 luxury apartments, the News said.

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Read the full report from the New York Daily News here.