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Fifth Avenue's Most Exclusive Duplex Penthouse Condominium Residence
Perched atop one of the few true prewar condominium buildings on Fifth Avenue, this extraordinary duplex penthouse commands sweeping views over Central Park. Designed in 1926 by renowned architect J. E. R. Carpenter, the Italian Renaissance-style building is widely regarded as one of Fifth Avenue's premier boutique condominiums and has counted notable residents including Grace Kelly among its distinguished history. Comprised of just fourteen full-floor residences, each accessed via private elevator landing, the building offers a rare level of privacy, scale, and discretion seldom found in Manhattan.
Encompassing approximately 6, 000 square feet of combined interior and exterior living spaces across two dramatic levels, including expansive landscaped terraces, the residence was custom created to be an exceptional private retreat above Central Park. Floor-to-ceiling windows and sliding glass doors seamlessly connect the interiors to the outdoor spaces while framing breathtaking, permanently protected park views.
Designed to accommodate both grand-scale entertaining and intimate daily living, the main level features an oversized corner living room centered around a dramatic double-sided fireplace, a formal dining room, and a skylit stainless-steel chef's kitchen - each opening directly onto the terrace. Two exceptional bedroom suites complete this level, including a spectacular primary suite overlooking Central Park, appointed with a hammam spa, soaking tub, and bespoke mahogany dressing room upholstered in cashmere. A private wellness retreat, complete with a gym, sauna, spa, and direct terrace access, is accessible via a sculptural spiral staircase.
Ascending from the dining room, an additional guest suite opens onto a remarkable wraparound rooftop terrace featuring a covered pergola, wet bar, outdoor gym, multiple lounge and dining areas, and three outdoor showers. Thoughtfully landscaped for year-round enjoyment, the terraces create an atmosphere unlike any other residence along Fifth Avenue.
Throughout the home, architectural detailing has been meticulously considered, complemented by sophisticated infrastructure including dedicated mechanical rooms, independent water pumps, and museum-quality central air-conditioning systems. Automated irrigation and centralized lighting further enhance the terraces and gardens in every season.
Residents enjoy the discretion and white-glove service long associated with 988 Fifth Avenue, including a full-time doorman, live-in resident manager, and private storage. Recent capital improvements include a comprehensive facade restoration and modernization of both the passenger and service elevators.
Combining architectural pedigree, irreplaceable Central Park views, extraordinary outdoor living, and the flexibility of condominium ownership, this penthouse presents a rare opportunity to acquire one of New York City's most private and iconic residences.
All information is intended only for the Registrant’s personal, non-commercial use. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. RLS Data display by William Raveis Real Estate, Inc.Our family of companies partner in delivering quality services in a one-stop-shopping environment. Together, we integrate the most comprehensive real estate, mortgage and insurance services available to fulfill your specific real estate needs.
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Our Executive Mortgage Banker:
$27,950,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.DeFlorio@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $22,360,000 | $22,360,000 | $22,360,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.375% | 6.125% | 5.875% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.117% | 6.235% | 6.058% |
| Monthly Tax Payment | N/A | N/A | N/A |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $125,210 | $135,862 | $187,180 |
| Total Monthly Payment | $125,335 | $135,987 | $187,305 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.