Buyer pays $56M for 12K sf spread at 56 Leonard

South Shore Investments combined two PH units

TRD New York /
Jan.January 27, 2017 01:05 PM

A mystery buyer has shelled out more than $56 million to combine two penthouse units at 56 Leonard, Alexico Group’s glass-stacked condominium tower in Tribeca.

Together, the full-floor condos on the 53rd and 54th floors measure a whopping 11,892 square feet with multiple terraces and balconies totaling 3,300 square feet.

The buyer — identified in property records as South Shore Investments LLC — went into contract on both units in June 2013 and paid a total of $55.6 million for the massive spread.

The corporation ponied up $23.98 million, or $4,366 per square foot, for Penthouse 54, which was asking $26.5 million. The 5,492-square-foot unit is currently configured with four bedrooms, a conservatory and library, plus two terraces and two balconies spanning 1,600 square feet.

Penthouse 53 — the larger of the two units with 6,400 square feet and 1,700 square feet of outdoor space — sold for $29.1 million, or $4,543 per square foot, property records show. It was asking $28.5 million.

Buyers at the 145-unit condominium began closing on their units last year, more than three years after sales launched at the Jenga-like tower.

Only one sponsor units is left, a half-floor penthouse asking $17.8 million, or $4,785 per square foot.

Alexico TRData LogoTINY, led by Izak Senbahar, paid $136.5 million for the site and began construction on the 60-story Herzog & de Meuron-designed tower in 2007 only to stall during the financial crisis. The developer brought on Hines as a partner in 2013. Sales launched in March of that year.

Corcoran Sunshine Marketing Group handled sales.


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