The Real Deal New York

Starbucks CEO Howard Schultz buys Greenwich Lane’s priciest PH for $40M

He paid $7,159 psf, among neighborhood's priciest deals
By E.B. Solomont and Katherine Clarke | February 10, 2017 12:20PM

Bill Rudin, the Greenwich Lane complex on West 11th and West 12th Streets and Howard Schultz (Credit: Getty Images)

Howard Schultz, the CEO of Starbucks, paid just over $40 million for the priciest condo at Greenwich Lane, the Rudin family and Global Holdings’ condominium conversion in Greenwich Village, The Real Deal has learned.

At $7,159 per square foot, the sprawling penthouse is among the priciest residential sales to date in Greenwich Village. Schultz went into contract in February 2015. The penthouse was asking $45 million, or $8,054 per square foot.

The deal closes just two months before the Seattle-based executive is expected to step down from his role as CEO at the coffee giant, making way for company president Kevin Johnson. He will reportedly retain his title of executive chairman and focus on Starbucks’ high-end Reserve Roasteries business.

His executive assistant, Tim Donlan, declined to comment on the purchase. A spokesperson for Rudin also declined to comment.

The duplex measures 5,587 square feet, spread over the 16th and 17th floors of 155 West 11th Street. It has 1,600 square feet of outdoor space, including a 1,400-square-foot wraparound terrace off the living room and another balcony off the master suite.

Greenwich Lane, on the site of the former St. Vincent’s Hospital, was designed by FXFOWLE and is comprised of five buildings and five townhouses. The 199-unit project is more than 95 percent sold or under contract.

In November, a townhouse on West 13th Street asking $25.5 million went into contract.

Among the buyers are media and clothing mogul Peter Barbey, who also bought the Village Voice last year. Barbey paid $26 million for a three-bedroom unit at 140 West 12th Street.

Corcoran Sunshine Marketing Group is handling sales.

Bill Rudin has said more than 75 percent of buyers at Greenwich Lane are New Yorkers. “The people who bought here predominantly are people who are going to live here,” he told Bisnow in August.