The luxury residential market may be softening, but the developers of 212 Fifth Avenue are still betting there is at least one buyer out there with cash to throw around.
The 10,070-square-foot triplex penthouse at the office-to-residential condominium conversion near West 26th Street will hit the market this week for $68.5 million, or around $6,850 per square foot, Forbes reported.
The developers, Madison Equities and Thor Equities, originally planned to split the unit in two and market it as separate properties. But renderings revealed in July showed plans to combine the units into a triplex. Other developers have done the opposite. Macklowe Properties and CIM Group, for example, divided full-floor units at 432 Park Avenue last year.
Once completed, the penthouse will spread across the top three floors of the 24-story, 48-unit property, according to the magazine. Town Residential is handling sales and marketing. According to the building’s website, there are currently nine apartments available for sale there, ranging between $4.7 million and $16.6 million.
Last year, the developers received a $275 million construction loan from iStar Financial to acquire and gut renovate the building at 212 Fifth Avenue. [Forbes] — Miriam Hall