Pricey penthouses at 215 Chrystie, 1 Manhattan Square go under contract

At Schrager and Witkoff's project, a pad asking $23.5M finds buyer

TRD New York /
Dec.December 14, 2016 11:09 AM

Notions of a gritty Lower East Side are giving way to luxury condominiums, thanks to a string of multimillion-dollar condo deals.

Even with luxury sales dipping citywide, developers at One Manhattan Square and 215 Chrystie Street are selling penthouse units for relatively large sums, the Wall Street Journal reported.

At its 815-unit tower One Manhattan Square, Extell Development put a five-bedroom duplex under contract for about $13 million, the developer told the Journal. And at Ian Schrager and Steve Witkoff’s 215 Chrystie Street, a penthouse asking $23.5 million is under contract for close to the listed price. Two other penthouses asking more than $18 million are also in contract, according to Douglas Elliman’s Dennis Mangone.

Those sales, however, are something of an anomaly.

The average sale price for condos on the Lower East Side dropped to $1.14 million in October, down 16.1 percent from $1.36 million a year earlier, according to real estate appraisal firm Miller Samuel.

Among properties $4 million and up, the number of contracts signed so far this year is down 18 percent from last year, according to Olshan Realty.

One Manhattan Square, located at 252 South Street, will have 815 units starting at $1.16 million. More than 80 units have sold since sales launched in November, according to Raizy Haas, Extell’s senior vice president of development. The tower, slated for completion in 2018, will have several swimming pools, an adult tree house, observatory and on-site laundry services. The duplex, which measures 3,699 square feet, was asking $13.178 million.

At 215 Chrystie Street, the penthouse asking $23.5 million measures 4,200 square feet with three bedrooms and a media room. The project has 11 condos atop a 370-room hotel, expected to be completed in the spring of 2017. [WSJ]E.B. Solomont


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

Neighbors sue to block Extell’s UWS tower after city OKs amended plans

City targets building loophole used by Billionaires’ Row developers

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at
One Manhattan Square

Outfoxed a decade ago by Gary Barnett, Marty Burger pays $10M for Carlton House pad

arrow_forward_ios