The Real Deal New York

Beekman Residences’ PH poised to set new FiDi record

The pad was asking $12M

August 18, 2016 05:40PM
By E.B. Solomont

Fredrik Eklund and 5 Beekman in the Financial District

Fredrik Eklund and 5 Beekman in the Financial District

Is the Financial District due for a new residential sales record?

The nearly $12 million penthouse at 5 Beekman Street is under contract, according to listing brokers Fredrik Eklund and John Gomes of Douglas Elliman, who said they believe the condo sale will set a new record for the neighborhood. The brokers declined to disclose the purchase price but Eklund said the price is “very, very, very close” to what developers GFI Development Company and GB Lodging were asking.

The 3,554 square foot penthouse has 16-foot ceilings, a fireplace, 360-degree views and spans the entire 50th floor of the 68-unit tower. It first hit the market asking $15.25 million in 2015, but was taken off the market. It was re-listed at $11.995 million, or $3,375 per square foot in June.

5 Beekman

5 Beekman

To date, the priciest closed sale in the neighborhood was the $6.57 million penthouse at 150 Nassau Street that sold in 2007, according to Jonathan Miller of appraisal firm Miller Samuel.

Olshan Realty’s Donna Olshan said she doesn’t know of a closed sale in FiDi for north of $10 million. “I see a lot of upside to this building and area,” she said, adding that the Beekman Street condo was well designed.

GB Lodging and GFI bought 5 Beekman, a landmarked property formerly known as Temple Court, for $64 million in 2012. The site, along with 115 Nassau, has been converted into a 350,000-square-foot development that includes the Beekman Hotel and a conjoined condo tower. The Beekman Residences start on the 17 floor, with the 287-room hotel at the base of the tower.

Eklund said the hotel is set to open any day, and units are starting to close. That’s helped the building’s sales, he said.

The penthouse at 5 Beekman in the Financial District

The penthouse at 5 Beekman in the Financial District

“We can walk people through the lobby and into the atrium and it’s done, done, done. That helps a lot,” Eklund said. “Same with the units. You can see an actual kitchen and bathroom. You can touch and feel, and see the views.”

In July, The Real Deal revealed how GFI boss Allen Gross resurrected Temple Court, largely through clever planning, some bad luck on the part of competitors and a few smart business deals.

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