Most condo developers sell their penthouses last, but not Billy Macklowe. The developer of a 52-unit condominium at the former Bowlmor Lanes has found buyers for the project’s two priciest pads, which were asking $14.75 million and $16.5 million.
What’s more, 36 percent of the units at the project at 21 East 12th Street are under contract, Bloomberg reported.
“We were surprised,” said Macklowe, who is developing the condo with Goldman Sachs. “Everything has pretty much sold off asking price.”
Of the two duplex penthouses, one measured 3,664 square feet and was asking roughly $4,500 per square foot. The other, with 3,250 square feet, was asking $4,540 per foot. Both apartments span the 22nd and 23nd floors of the building.
The condo‘s sales are in sharp contrast to the well-documented luxury cooldown in recent months.
So far this year, the number of contracts signed at $4 million and up dropped 23 percent compared to the same time last year, according to Olshan Realty [TRDataCustom].
And that slowdown coincides with an influx of luxury condos: Roughly 3,570 new units will hit the market this year, more than half of which will be priced above $2,400 per square foot, according to Corcoran Sunshine Marketing Group.
Macklowe, founder of the William Macklowe Company, acquired the site in 2012 for $22.5 million, then acquired the fee interest on the land. And he landed a $124 million construction loan for the project in late 2015.
Architect Annabelle Selldorf designed the 122,000-square-foot building for Macklowe and Goldman.
Overall, prices at 21 East 12th start at $2.4 million for a one-bedroom, and Macklowe said most buyers are New Yorkers. “It’s people who will be living in the building,” he said. The condo bulding includes parking, a children’s playroom, lounge and terrace.
Construction is expected to be completed in late 2018. [Bloomberg] — E.B. Solomont
Correction: An earlier version of this article incorrectly stated the percentage of units under contract; 36 percent are under contract.