Penthouse at 1110 Park Ave. Sold for $25 Million
The 7,000-square-foot Carnegie Hill triplex went under contract as Manhattan luxury activity continues to climb.
Updated on Oct. 12, 2026 in Residential
Live Poll
Do you believe the surge in luxury real estate investment in your city helps your community?
A penthouse at 1110 Park Ave. in Manhattan has gone under contract for approximately $25 million. This deal is part of a surge in local high-end real estate, with 25 luxury contracts over $4 million signed in the city during the week ending October 11, 2026.
Why it matters
High-end property sales like this one reflect the ongoing movement in New York City's luxury market, which has seen 55 luxury contracts signed in the first two weeks of October alone. Buyers in this bracket must carefully navigate local tax obligations, such as the pied-à-terre surcharge, to manage their long-term ownership costs.
The 7,000-square-foot triplex at 1110 Park Ave. was listed for $24,950,000 in January 2026 and carries monthly HOA fees of $17,407. These luxury transactions are currently subject to a 6.5% effective pied-à-terre surcharge for condos valued above $5 million.
The players
Roberto Cavalli
An internationally recognized fashion designer whose custom goods are featured in the penthouse's interior design.
Gianfranco Ferre
A prominent Italian fashion designer whose custom design work is included in the property's furnishings.
The details
The penthouse occupies a triplex configuration within a 16-floor boutique building that contains only nine total residences. Interior appointments include custom furnishings from designers Roberto Cavalli and Gianfranco Ferre, along with a 1,600-square-foot private rooftop space. Owners of luxury Manhattan property are required to manage specific tax exemption filings, such as the upcoming deadline for pied-à-terre surcharges, to avoid higher effective rates on high-value condo assets.
Timeline
2015: Construction of the 1110 Park Ave. penthouse was completed.
2019: The unit sold for $17.25 million.
January 2026: The property was listed for $24,950,000.
October 11, 2026: Twenty-five luxury contracts were signed in Manhattan.
October 13, 2026: Deadline for pied-à-terre tax exemption applications.
The Home Front
Manhattan luxury sales are currently operating under the framework of the city's pied-à-terre surcharge, which levies a 6.5% rate on condos valued over $5 million. This regulation remains a central factor for investors and owners considering the long-term tax liability of prime residential real estate.
Homeowners in the luxury market should verify their eligibility for tax exemptions before official deadlines, such as the October 13, 2026, cutoff for pied-à-terre surcharges. If you own or are purchasing a high-end condo, consult with a tax professional to ensure all surcharge filings are current.
The takeaway
The $25 million sale at 1110 Park Ave. underscores the continued demand for premium space in Carnegie Hill. Owners of luxury units should keep an eye on upcoming tax exemption deadlines to avoid the 6.5% effective surcharge rate on properties valued above $5 million.
Further reading
For more on market trends, visit Residential.
Source note: This article includes information reported by Real Estate News & Insights | realtor.com®.
Live Poll
Do you believe the surge in luxury real estate investment in your city helps your community?
