Penthouse at 56 Leonard in contract for $47M

TRD New York /
Jun.June 26, 2013 08:30 AM

A penthouse at the Alexico Group’s 56 Leonard Street has gone into contract for $47 million, a record for a condominium sale Downtown, the Wall Street Journal reported.

Izak Senbahar, president of developer Alexico Group, identified as a New York-based hedge-fund manager, but declined to comment further.

Kelly Mack, the president of Corcoran Sunshine Marketing Group, which is marketing the 60-story tower, told the Journal that the duplex penthouse measures about 7,800 square feet, with over 1,200 square feet of terraces. The price for the space works out to about $6,000 per square foot, a large premium over other buildings in the area.

56 Leonard’s rise has come at a heavy price for Alexico, as The Real Deal reported. The financial meltdown threw the skyscraper into a tailspin, pushing it off schedule by nearly six years and leading the sponsors to bring in the national real estate firm Hines as a co-developer.

In February, the 145 apartments at the building went back on the market. Since then, 80 percent of the building has been sold, with sales totaling $900 million to date, according to the developers. Asking prices are now 19 percent higher than they were in 2008, condominium plan filings seen by the Journal show. [WSJ]  – Hiten Samtani


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