The Real Deal New York

Soho penthouse triplex sees price chop, broker switch

CORE taking over $12M listing from Elliman
May 22, 2014 02:25PM

Veracity Development lowered the asking price of its 3,000-square-foot penthouse condominium unit at 111 Mercer Street in Soho, and switched brokers.

The three-bedroom apartment was listed with Douglas Elliman for $12.5 million between 2012 and February this year. Then, CORE brokers Emily Beare and Christian Rogers stepped in to take over the listing, which is now for $12 million. The unit features a 1,600-square-foot space with three terraces.

“I think it’s a combination of things,” Beare told The Real Deal, regarding why the unit did not sell before. “I think part of it is that the unit wasn’t finished before. Now it’s a finished unit. We think the price reduction is more in line with what’s going on with the market, and I think now it will make a difference that people can come in and touch and feel and see the actual unit.”

Veracity got an average price per square foot of $2,172 on units closed in 2013, though the development hit the market in 2012, as previously reported. [NYO]Mark Maurer and Julie Strickland