Eichner’s Flatiron tower hits half-way milestone

One of two penthouses will ask up to $38 million when it hits the market in the spring

TRD New York /
Oct.October 05, 2015 05:10 PM

After launching sales in January, Ian Bruce Eichner’s Flatiron condo tower has hit the half-way mark, and the developer plans to put the first of two penthouses on the market in the spring for as much as $38 million.

Buyers have snapped up 50 percent of the 83 units at 45 East 22nd Street, Eichner told The Real Deal.

“We’ve sold evenly in every category we’ve got,” said Eichner, who hired Corcoran Sunshine to handle sales and marketing at the building.

The building, which uses a clever design to place more sellable square footage on the higher floors, has a projected total sellout of $714.6 million, according to a condo offering plan on file with the Attorney General’s office.

The most expensive unit on the market now just cracks the $20 million mark, with a number of full-floor units and a pair of penthouse apartments yet to be released at a time when sales of trophy listings in certain parts of the city have shown signs of cooling lately.

Eichner said the first penthouse, at 6,000 square feet, will hit the market around $38 million, while a second penthouse could fetch an even higher price.

When construction is finished in 2017, the Kohn Pedersen Fox-designed spire will climb more than 100 feet higher than One Madison, making it the tallest building between 57th Street and Lower Manhattan.

The tower is the product of a complex land assemblage Eichner put together next to One Madison, and marks his return to New York City development following several high-profile ups and downs.

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