The Real Deal New York

Toll Brothers sells two starchitect-designed penthouses

Units went north of $10M at 400 Park Ave. South and 55 West 17th Street
November 29, 2015 10:00AM

It’s been a pretty good few weeks for Toll Brothers and starchitects. A pair of penthouses in the developer’s buildings — designed by two of the biggest names in architecture — sold for more than $10 million in November.

According to the New York Post, a penthouse at 400 Park Avenue South, designed by Pritzker Prize winner Christian de Portzamparc more than a decade ago, sold for $10 million, about $3,034 per square foot.

The south penthouse, with four bedrooms and four-and-a-half was asking for $10.9 million. Sam Zell’s Equity Residential has rentals on the bottom 22 floors of the glass tower, with Toll Brothers selling 81 condos on the top 18 floors. Sales launched last year. Toll Brothers and Equity Residential bought the site in 2011 for $134 million. De Portzamparc is best known for designing Exell Development’s One57.

Toll Brothers also sold a penthouse at 55 West 17th Street, designed by architect Morris Adjmi, for $14.6 million. The duplex, with 4,811 square feet, features four bedrooms and five-and-a-half bedrooms, as well as an outdoor pool and a terrace. It was asking $15.24 million.

Most sales in the pre-construction 53-unit Flatiron building have been between $1.5 million and $4.3 million. [NYP]James Kleimann

Correction: Adjmi is New York-based.