Sheffield unveils penthouses and 3 enter contract in first 3 weeks

New York /
Sep.September 08, 2011 07:04 PM
alternate
text
A penthouse unit in the Sheffield and Marketing Directors President Jacqueline Urgo

Three weeks ago, the Marketing Directors unveiled the 10 penthouses on the 56th and 57th floors of the Sheffield, and The Real Deal got a sneak peek at the units and their impressive views — just as the overcast weather cleared — today (see photos above). Asking prices for the two- and three-bedroom penthouses at the condominium conversion at 322 West 57th Street range from $2.55 million to $5.25 million for a unit overlooking Central Park, and apparently buyers won’t have much room for negotiation.

“We’re hardly open to any negotiations on those units — being that they are the crown jewels of the building,” Jacqueline Urgo, president of the Marketing Directors, said. “We’re going to hold out for the best prices.”

Urgo said the buyers of the three penthouse in contract are not investors; rather they are home buyers who have looked elsewhere in the area, such as at 15 Central Park West and the Time Warner Center, but chose “the incredibly well-priced” apartments at the Sheffield. As previously reported, building-wide prices were cut 25 percent when the Marketing Directors came onboard and relaunched sales at the Sheffield in March of last year.

Thus far, 71 percent of the 597 units priced from $775,000 to $7.6 million have sold, Urgo said, while about 75 of the units are stabilized rentals — holdovers from before Kent Swig purchased the building for a record price in 2005 and converted the building to condo.

Swig lost control of the building, which has been involved in more controversy than practically any other Manhattan condo in recent memory, and Fortress Investment Group snapped it up at a foreclosure auction. While the tales of ice bucket attacks and marching bands drowning out protests were an obstacle for the Marketing Directors at first, Urgo said fewer and fewer buyers come in with questions about it. “During the first three months it was something that was talked about a lot,” she said. “But since we repositioned the building… we rarely hear about it.” About 30 brokers come to check out the residences each week, she added.


Related Articles

arrow_forward_ios
Order your copy now: “The New Kings of New York” has arrived
Order your copy now: “The New Kings of New York” has arrived
Order your copy now: “The New Kings of New York” has arrived
Slate Property Group's Martin Nussbaum with 231 East 76th Street and 340 East 52nd Street  (Google Maps, Slate Property Group)
Slate, Fortress score $78M Manhattan multifamily portfolio
Slate, Fortress score $78M Manhattan multifamily portfolio
How to steal a building in broad daylight
How to steal a building in broad daylight
How to steal a building in broad daylight
From left: 320 West 115th Street, Barry LePatner and Steven Kirschenbaum (320 West 115th Street, LePatner, LinkedIn)
LePatner sues former Swig COO for unpaid bills
LePatner sues former Swig COO for unpaid bills
Heritage Equity Partner's Toby Moskovits (Heritage Equity Partners, iStock)
Heritage suing lender over planned Bushwick Hotel
Heritage suing lender over planned Bushwick Hotel
Patrick Nelson of Nelson Student Housing Partners and Fortress Co-CEO Peter Briger with 1051 14th St, Denver, CO (LinkedIn, Auraria Student Lofts)
Fortress takes aim at troubled student housing firm
Fortress takes aim at troubled student housing firm
New Kings of New York
Order now: “The New Kings of New York,” a book about the city’s real estate’s transformation
Order now: “The New Kings of New York,” a book about the city’s real estate’s transformation
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...