PH at Witkoff’s 10 Madison Sq. West in contract for $35M

Developer combined floor plans of two separate units

TRD New York /
Apr.April 10, 2015 06:00 PM

Witkoff announced Friday that a penthouse at 10 Madison Square West that the firm created by combining the floor plans of two separate apartments recently went into contract for $35 million, a 21 percent premium over what they would have sold for separately. 

The Steven Witkoff-led firm purchased 10 Madison Square West, the former Toy Building, for $190 million in a 2011 auction. While the developer sold 75 percent of the units within three months of launching sales, a handful of apartments – including two on the 22nd floor – were more difficult to unload.

Witkoff and Douglas Elliman Development Marketing, which handles sales at the building, decided to redraw floor plans to create the 6,500-square-foot, five-bedroom apartment after seeing a need in the market for larger homes, according to Crain’s.

While the move was risky given the influx of newly-built or renovated ultra-luxury apartments on the market, the $35 million sale netted Witkoff about 21 percent more than what the buildings would have gone for if sold separately, the developer said.

The possible purchase of 30 Central Park South by Gary Barnett’s Extell Development could make it challenging for Witkoff and Harry Macklowe to build a supertall skyscraper at the site of Their Park Lane Hotel in Midtown. [Crain’s] – Rey Mashayekhi


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman is coming to Texas
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
Single-family saves the day. Q3 resi sales up in South Florida

Single-family saves the day. Q3 resi sales up in South Florida

Single-family saves the day. Q3 resi sales up in South Florida
(Getty)

Brooklyn home sales fell at a record rate in Q3

Brooklyn home sales fell at a record rate in Q3
The vacancy rate hit 5.75 percent (iStock)

Rental listings in Manhattan hit 14-year high as vacancies soar

Rental listings in Manhattan hit 14-year high as vacancies soar
Lanhee Yung and Sush Torgalkar (Photos via Cornell; Getty)

Extell, Starwood alums seek $500M for “contrarian” investing

Extell, Starwood alums seek $500M for “contrarian” investing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...