The Real Deal New York

Madison Equities, PMG to split PH at 10 Sullivan Street into two

The triplex, set to cost $45M, was "too expensive for the market"

February 29, 2016 08:47AM

Renderings of 10 Sullivan Street and the penthouse

Renderings of 10 Sullivan Street in Soho and its planned penthouse

It seems like Madison Equities and Property Markets Group’s much-hyped $45 million triplex penthouse at 10 Sullivan Street was never meant to be.

The developer will chop up the 8,400-square-foot Soho condominium building into two units — a 3,000-square-foot apartment spanning the 15th floor, with an asking price of $11 million, and a 5,400-square-foot duplex asking $29.5 million, Bloomberg reported.

“We thought it was too expensive for the market and where the market was,” PMG’s Kevin Maloney told the news service. “The air is very thin up there in that buyer pool.”

The cut is yet another sign that demand at the top end of the luxury residential market may be flagging.

The Cary Tamarkin-designed penthouse was originally conceived as a six-bedroom, seven-bathroom unit with a private elevator, two wraparound balconies and 23-foot-high ceilings. Back in March, the developers swapped in Douglas Elliman to market units at the 16-story, 81,500-square-foot building, replacing the Corcoran Group. Sales launched in 2014. [Bloomberg]Ariel Stulberg