The Real Deal New York

Hirschfeld pays $38M for Marquand penthouse

Triplex at HFZ's condo conversion was listed for $47M, will be used as an investment property

September 28, 2016 02:00PM
By Chava Gourarie

Renderings of (inset: Eli Hirschfeld)

The Marquand at 11 East 68th Street (inset: Elie Hirschfeld)

Hirschfeld Properties purchased the triplex penthouse that crowns the 26-unit Marquand building for $37.5 million from Ziel Feldman’s HFZ Capital Group, according to documents filed with the city Tuesday.

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Interior shots from a different unit in the Marquand

The 7,058-square-foot condominium unit at 11 East 68th Street was first listed in December 2014 for $46.5 million, and will be used as an investment property, representatives for Hirschfeld TRData LogoTINY said. A tenant has already pre-leased the pad, Hirschfeld’s Karl Griggs said.

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Photo of the Marquand lobby

The eastern penthouse unit boasts five bedrooms and six bathrooms along with a 2,900-square-feet of terrace space that wraps around the three floors. It was sold as a white box.

Hirschfeld’s purchase of the sponsor unit comes amid a slowing luxury market, especially for ostentatious eight-figure penthouses. The Real Deal reported in April that more than 30 percent of Manhattan penthouses have seen price chops.

With the sale, it appears Feldman’s firm has sold the majority of the 29 residential units at the Marquand, which HFZ acquired along with Vornado Realty Trust in 2011 and converted into condos. According to records, the penthouse on the western side of the building also has not sold. It is not currently on the market.

Madeline Hult Elghanayan and Sabrina Saltiel of Douglas Elliman had the listing.

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