The Real Deal New York

Elad’s 250 West penthouse sells for $30M – a steep discount

7,200 sf Tribeca pad was originally asking $42M

December 04, 2014 01:28PM
By E.B. Solomont

From left: Raphael DeNiro, the penthouse at 250 West Street and Elad CEO Udi Erez

From left: Raphael DeNiro, the penthouse at 250 West Street and Elad CEO Udi Erez

The sprawling penthouse atop Elad Group’s 250 West Street condo building is in contract for about $30 million – a nearly 30 percent discount from its original asking price, The Real Deal has learned.

The 7,200-square-foot Tribeca condo hit the market last year with an asking price of $42 million. The price was slashed several times, most recently to $33 million in October.

Elad, owner of the Plaza Hotel, purchased the site at 250 West Street for $142 million in 2006. The developer converted the former fruit-and-vegetable warehouse into a 106-unit luxury condominium; when sales launched in 2011, 250 West was Elad’s first project in five years.

The penthouse was the last available unit at the building. Featuring a private entrance and elevator, the apartment opens up to a 4,350-square-foot wraparound terrace. It also has floor-to-ceiling windows on three sides.

The pricey pad was first listed with Cantor-Pecorella, which was tapped to market the building in 2011. Elad later replaced the marketer with Douglas Elliman’s Raphael DeNiro, who shared the listing with former colleagues Leonard Steinberg and Hervé Senequier until the pair left for Urban Compass this summer. (“I handed it to him on a silver platter and with my very best wishes,” Steinberg told TRD at the time.)

In October, the listing expired and it returned to Cantor-Pecorella’s Erica Miller and Ariana Meyerson. Sources knowledgeable about the transaction said that DeNiro orchestrated the deal before the listing switched hands.

Last summer, actor Leonardo DiCaprio reportedly scoped out the penthouse – then priced at $42 million – but didn’t pull the trigger.

  • john frank

    That’s not a steep discount.. that’s reality.

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