The Real Deal New York

Penthouse breaks Bowery price record

By Zachary Kussin | February 13, 2013 01:30PM

A penthouse at 250 Bowery, the 24-unit condominium project developed by VE Equities and designed by Morris Adjmi, is in contract for $2,500 per square foot, The Real Deal has learned. Douglas Elliman’s Fredrik Eklund, who is handling sales at the building with his colleague John Gomes, uploaded an Instagram photo of the apartment yesterday, noting that the contract price is a price-per-square-foot record “for the area,” meaning the Bowery.

The two-bedroom, 2.5 bathroom duplex condo measures 1,557 square feet, according to the listing, putting the contract price at somewhere close to $3.9 million. Lawrence Sicular, a real estate appraiser, told The Real Deal that this would constitute a price-per-square-foot record for units on the Bowery that have traded for more than $3 million, at least dating back to 2007. Appraiser Jonathan Miller said that he believes this to be a record, though it’s hard to say because he doesn’t separate Bowery as its own submarket.

The unit also has a 17- by 23-foot Roof Terrace, the listing says.

Eklund declined to disclose information on the buyer or the purchase price.

As The Real Deal previously reported, sales launched at 250 Bowery this past December, with a number of the building’s units already snatched up. VE co-founder Zach Vella told The Real Deal that he attributed this to a quiet pre-marketing push by Eklund and Gomes.

The penthouse came online on Dec. 5, listed at $4.4 million, but underwent a price cut to $3.9 million on Jan. 23, shows. Eklund said that a contract is also out for the 1,793-square-foot penthouse B, listed for $3.995 million. In addition, the contract for the 2,462-square-foot penthouse D — listed for $5.995 million — will be signed today, Eklund said.

A call to VE Equities seeking comment was not immediately returned.

  • Andrew Duncan

    Another sign of the rebirth of the real estate market in New York City. Very interesting, especially given the headlines in the free local newspapers, which tout decreases in rent across the city. Perhaps people are willing to pay more for extremely valuable properties and high-end luxury rentals, like the penthouse described in this article. Regardless, the fact that 2013 is beginning with a deal-breaking record like this is definitely significant.