The Real Deal New York

Top-floor penthouse at Midtown’s Setai hits the market for $32M

By Guelda Voien | February 17, 2012 11:30AM

The top-floor penthouse at the 60-story Setai Fifth Avenue has come on the market for the first time with a $32 million asking price, according to and the unit’s co-listing agent, Andrew Anderson of Prudential Douglas Elliman.

The six-bedroom, 6.5-bathroom apartment, between 36th and 37th streets, has a private lobby entrance, according to the listing. Anderson said he expected the condominium to “trade at close to the asking price.” There are two other penthouse units at the luxury hotel and apartment, on the 59th floor, but neither is currently on the market, he said.

Developer Bizzi & Partners were in contract for one of the lower penthouses, which had an asking price of $27.5 million, but that sale fell through, Anderson said. “We’re going to sell the top [penthouse] first,” Anderson said.

Anderson and Gail Sankarsingh, both of Elliman, are exclusively marketing the residential portion of the development. Elliman took over leasing for the 175 units at the Setai last May, as The Real Deal reported, after flagging sales under the internal sales team, which had been headed by Elida Jacobsen Justo. Sales launched for the residential portion of the building in November of 2010; the hotel opened earlier that same month.

Of the 175 units, the exact number sold so far was not immediately available, but Anderson said it was more than 50 percent. Many units have been combined, he noted, so the unit count has decreased since the development first opened for sales.

Last year, Curbed noted price chops of up to 24 percent at the Fifth Avenue tower, for lower-floor units.