The last remaining sponsor unit at 200 11th Avenue in West Chelsea, which was listed last year for $12.9 million, is slated to make its return to the market in September with a mammoth price tag of up to $23 million, The Real Deal has learned.
Between now and September, the 3,248-square-foot penthouse condominium, famed for its en suite sky car garage, which allows the owner to park their car at the entry level to their penthouse residence, will undergo a major makeover spearheaded by Dutch architecture firm MVRDV.
When it comes online, the unit, known as Penthouse 1, will be marketed by Ryan Serhant of Nest Seekers International, according to marketing materials sent to The Real Deal by a spokesperson for the firm.
MVRDV — known for designing offbeat projects such as the Balancing Barn, a seesaw-like cantilevered holiday home in England — will add a “sky vault” centerpiece to the three-bedroom, 3.5-bathroom apartment, a Nest Seekers spokesperson said. The spokesperson would not disclose further details about the “sky vault,” saying only that it would be constructed at MVRDV’s headquarters in Rotterdam and then transported to the city for installation in the apartment.
Leonard Steinberg and Herve Senequier of Douglas Elliman last listed the terraced penthouse last year for $12.9 million, according to StreetEasy. While the property appears to have changed hands twice since 2007 — for $7.6 million in 2009 and $11 million in 2012 — those transactions were sponsorship partner buyouts as opposed to purchases by end users, Steinberg confirmed. The unit is now owned entirely by developer Young Woo & Associates, records indicate.
“One partner bought the other partner’s stake,” Steinberg said.
The building, at the corner of West 24th Street, was designed by Selldorf Architects and developed by Young Woo; it launched sales in 2007. Designer Domenico Dolce of Dolce & Gabbana bought two penthouse units at the property for a combined $29 million in 2009, it was previously reported. He paid $4,672 per square foot for one of those units.
If the “sky vault” penthouse sells for its new asking price of $7,000 per square foot, it would set a record for West Chelsea.
Serhant declined to comment on the property’s hefty price tag and Steinberg said he had “no idea” what kind of sales price the apartment could command. The record price per square foot ever paid for an apartment in New York City was the more than $13,000 a square foot, or $88 million, paid for an apartment owned by banking magnate Sanford Weill at 15 Central Park West in 2011.