The Real Deal New York

Buyer scoops up $50M penthouse at Related’s 70 Vestry

Triplex has three kitchens and was listed at $7,637 psf
January 11, 2017 12:55PM

Rendering of 70 Vestry.

A mystery buyer has inked a deal to purchase a penthouse at Related Companies’ 70 Vestry Street that was listed for $50 million.

The triplex pad — which will span the top three floors of the under-construction, 14-story building — was asking $7,637 per square foot. When completed, the 6,547-square-foot pad will have two terraces and a roof deck, four bedrooms and a solarium. It will also have three kitchens, including one on the roof deck.

Despite the well-documented slowdown in the luxury market, 70 Vestry has seen a “tangible uptick on pace in the past few months,” Benjamin Joseph, an executive vice president at Related, told the Wall Street Journal. About 60 percent of the building’s 47 units are in contract. He declined to disclose the identity of the penthouse buyer, or the final sale price.

The triplex is one of two penthouses in the Robert A.M. Stern-designed building. Related and Corcoran Sunshine Marketing Group are handling sales, which launched in April. The other penthouse is asking $65 million, or just over $8,300 per square foot.

Related purchased the property for $115 million in 2014, and secured $200 million in funding from Bank of America for the project.

The developer is aiming for a total sellout of $709 million, according to an offering plan approved by the New York state Attorney General. When sales launched, the average asking price on a per-square-foot basis was $4,526. At least 26 units are asking more than $10 million.

New England Patriots quarterback Tom Brady and supermodel wife Gisele Bundchen are reportedly buying a $20 million pad at 70 Vestry.  [WSJ]EB Solomont