The Real Deal New York

West Village penthouse sells for $25M, marking second largest reported deal of week

October 01, 2009 02:17PM
By Adam Pincus

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A rendering of 400 West 12th Street

The penthouse unit at the new far West Village condominium development known as Superior Ink sold for $25 million, or about $4,192 per square foot.

The sponsor unit sale of the 6,321-square-foot unit in the 15-story building built by the Related Companies at 400 West 12th Street closed Sept. 27, after going into contract in December 2007, city property records published today show.

The buyer is identified only as 400 West LLC, and paid all cash, city property records indicate.

The purchase was the second largest sale reported this week. A buyer paid $37 million for a penthouse unit in 15 Central Park West, the Observer reported.

Jonathan Miller, president of real estate appraisal firm Miller Samuel, said he was seeing more all-cash purchases of high-end property now more than ever before.

“In the 24 years I have been dong this, I have never seen more high-end, cash purchases than I am now,” he said.

While many potential buyers have left their down payments on the table, in this instance, the buyer stayed put.

The purchaser “Likely had a long-term perspective. I think that is more the exception… but there are a lot of big numbers closing,” he said.

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