Related asks $4,500 psf on average at 70 Vestry

Top penthouse at 47-unit building asking $70 million

TRD New York /
Jun.June 06, 2016 04:50 PM

Don’t tell Jeff Blau that the high-end condo market is softening. The Related Companies has priced two penthouses at 70 Vestry Street in Tribeca at $65 million and $50 million.

The developer is aiming for a total sellout of $690 million, according to an offering plan approved by the New York state Attorney General’s office earlier this year and recently reviewed by The Real Deal. On a per-square-foot basis, the average asking price is $4,526, according to AG filings.

Of the building’s 47 units, 26 are asking more than $10 million; 11 are asking more than $20 million and two penthouses are priced above $50 million.

Designed by Robert A.M. Stern and clad in French limestone, the 14-story condo will include amenities such as a sprawling motor court, yoga facilities, a pool, gym, squash court and luxury attaché.

The $65 million penthouse has four bedrooms and measures 7,808 square feet with 3,687 square feet of terrace space. The price breaks down to just over $8,300 per foot.

The $50 million pad spans 6,547 square feet, and is asking just over $7,600 per square foot. Allowing for five or six bedrooms, it boasts nearly 3,300 feet of terrace space.

The rest of the building is comprised of two- through six-bedroom condos, the building’s smallest unit is a two-bedroom measuring 1,670 square feet that’s asking $5.35 million. Excluding the penthouses, the largest is a six-bedroom pad with 5,384 square feet (and 477 square feet of terrace space) that’s asking $25.7 million.

According to AG filings, 70 Vestry has 29 storage units, ranging in price from $65,000 to $125,000 each, and nine parking spaces costing $500,000 each.

Related purchased the site in 2014 from longtime property owner Ponte Equities for $115 million. In September, the firm secured $200 million in financing from Bank of America.

Related and Corcoran Sunshine Marketing Group are handling sales.

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