The Real Deal New York

Related to ask $35M for penthouse in High Line condo

Developmet at 520 West 28th Street designed by Zaha Hadid

May 30, 2014 09:00AM
By Adam Pincus

Developer the Related Companies is planning to sell its most expensive penthouse unit at the Zaha Hadid-designed condominium at 520 West 28th Street on the High Line for $35 million, information filed with the New York state Attorney General’s Office shows.

The five-bedroom, six-and-a-half bath duplex apartment is spread over 6,391 square feet on the upper floors of the planned 11-story building, the condominium plans show. The spread also includes a 2,297-square-foot terrace and 334-square-feet in private balcony space. The unit, identified as Penthouse 37, is the most expensive in the 40-unit building where the total residential sell out price is currently set at just over $400 million.

The building is one of the most dynamic architecturally being built on the High Line, where prices have been rising despite additional projects listing units. The most expensive residential condominium unit on the market in West Chelsea today is the penthouse at 551 West 21st Street with a price of $50 million, in a building being constructed by Scott Resnick’s SR Capital. Earlier this year the price for the most expensive unit was described as “above” $35 million.

The details for Related’s project were revealed in an offering memorandum filed with Attorney General’s office in April, as part of the process to create a residential condominium building in New York state. The plan has not yet been accepted, information on the AG’s website, shows. Related did not respond to a request for comment.520W28-Sched-A-Post

The building has approved permits from the city’s Department of Buildings, city records show.

In addition to the substantial asking price, an owner is expected to spend just over $330,000 per year in annual carrying charges for the unit, with just over half of that in common charges and the balance in real estate taxes, the filing shows. The electric bill alone for the unit is expected to top $41,000 per year.

Related’s in-house marketing department Related Sales is working in conjunction with Corcoran Sunshine Marketing Group to sell the units, the filing says.

The lower level amenities  include a 75-foot pool along with a gym with sauna and steam room. In addition, there is a large private spa suite with treatments beds, a waterfall shower, sauna, steam room and when that all becomes too hot, a cold plunge bath in the center of the suite.

The building also has plans for a large retail unit, with more than 10,000 square feet on the ground floor that has entrances on both 28th Street and 27th Street. The plan envisions that Related will maintain ownership of the unit, that will be occupied by a restaurant, retail or gallery space, although the developer retains the right to sell the unit.

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