First look — the W Downtown’s planned $42M duplex: PHOTOS

October 10, 2013 01:35PM
By Hayley Kaplan

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It’s been one month since the Marketing Directors took over sales at the Residences at W New York Downtown. Now, the newly minted sales team has released renderings of the Financial District condominium tower’s “crown jewel,” a planned duplex penthouse with a $42.435 million price tag, developer the Moinian Group shared exclusively with The Real Deal.

The 12,000-square-foot apartment carved out of the 55th and 56th floors of the tower at 123 Washington Street was first listed in May for $40 million, but the developer took the unit off the market in August, StreetEasy shows.

The duplex will hit the market a second time early next week at the higher price, Carolyn Sebba of the Marketing Directors told The Real Deal. The firm delayed relisting it until the architectural design was complete, she said.

If sold for its asking price, the apartment would narrowly take the title of the most expensive condo sold Downtown, though the penthouse at Zeckendorf Development’s 18 Gramercy Park traded for $42 million earlier this year and a unit at Alexico Group and Hines’ 56 Leonard is in contract for $47 million, as previously reported.

The penthouse at JDS Development and Property Market Groups’ Walker Tower in Chelsea is on the market for $55 million, as The Real Deal reported.

“This is the most expensive penthouse in downtown NYC,” Joseph Moinian, founder of the Moinian Group, told The Real Deal. “There is simply nothing that compares to it on the market.”

Last month, the Moinian Group swapped Richard Nassimi’s team at the Corcoran Group for the Marketing Directors, as The Real Deal previously reported. It was the fourth time the developer has switched marketing teams at the project.

The 223-unit development is now 70 percent occupied, Sebba said.

The building initially launched sales in March 2008 with then-superstar broker Michael Shvo at the helm. In 2010, the Moinian Group replaced Shvo with an in-house sales team led by senior managing director Jacqueline Bayer. Nassimi started marketing the building in January 2012.

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