Extell Development recently raised its asking price for the penthouse at One57 to $110 million. Forbes reports that Extell's President calls it a bargain at $110 million. Reason is that at 11,000 sqft, the penthouse at One57 equates to about $10,000 per sqft. Note that the price of the average condominium in Manhattan in 4Q'2011 was $1,295 per sqft. So how can $110 million be a bargain?
