A duplex penthouse soaring over 1122 Madison Avenue is now in contract for $89.5 million, putting the under-construction tower on track to claim the priciest condominium price on the Upper East Side. The two-level spread caps the 20th and 21st floors and reportedly went into contract at full asking price. The buyer has not been publicly identified, and the deal has not yet closed.
Genghis Hadi, managing principal and co-founder at Nahla Capital, said the contract "reflects the strength of the design, the building’s amenity offerings, and the lasting appeal of Madison Avenue as a global luxury address," as reported by Robb Report. The project is being developed by Legion Investment Group alongside Nahla Capital and launched sales in January, with developers saying pricing has been bumped up multiple times as contracts rolled in.
What the penthouse includes
The duplex spans the 20th and 21st floors and totals roughly 9,350 square feet of interior space, with seven bedrooms, a library and a home office, according to The Wall Street Journal. Outside, it stacks nearly 2,000 square feet of private outdoor space in the form of terraces, a rooftop terrace and multiple balconies, serving up sweeping views toward Central Park and the Midtown skyline.
Amenities and design
Studio Sofield’s limestone-clad design leans into classic Upper East Side proportions, while the building backs up the look with roughly 10,000 square feet of shared amenity space. Those perks include a fitness center by The Wright Fit, squash and basketball courts, spa facilities, private dining and multiple entertaining rooms, as reported by Robb Report. Developers have pitched the residences as offering townhouse-level scale without the renovation headaches that come with older mansions.
Sales pace and neighborhood context
Since sales launched, 18 of the building’s 26 units have gone into contract, generating more than $360 million in early deals and prompting four separate price increases, according to The Real Deal. Early homes at 1122 Madison averaged north of $5,400 per square foot, per Olshan Realty’s market roundup summarized by Mansion Global. Corcoran Sunshine, led by Cathy Franklin, is handling sales for the project.
What it means for the market
Market analysts see the penthouse contract as another sign that affluent buyers are still willing to pay up for scale and privacy in Manhattan, a trend noted in reporting by The Wall Street Journal. If the deal closes at $89.5 million, it would set a new benchmark for Upper East Side condominium pricing and highlight how trophy new development is reshaping the neighborhood’s top tier.
Construction is slated to wrap in 2027, with occupancy to follow, according to The Real Deal. For now, the contract is the latest signal that Madison Avenue, long dominated by established mansions and co-ops, is firmly back on the map for trophy condo hunters.
