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

He paid $7,159 psf, among neighborhood's priciest deals

New York /
Feb.February 10, 2017 12:20 PM

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.


Related Articles

arrow_forward_ios
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
The slowing of the housing market has squeezed the profit margins of house-flipping investors. (iStock)
Profit margins on fixer-uppers fall to 10-year low
Profit margins on fixer-uppers fall to 10-year low
The Saratoga County construction company owner defrauded homebuyers and lenders out of $1 million, spending money on himself or other jobs rather than the homes he promised to build. (iStock)
Upstate homebuilder gets prison for failing to deliver
Upstate homebuilder gets prison for failing to deliver
Quick turnaround times have luxury buyers considering modular as an alternative to traditional construction for grandiose homes. (iStock)
Modular construction works for luxury homes, too
Modular construction works for luxury homes, too
Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
Homebuying startup Ribbon to take on Midwest, West Coast markets
Homebuying startup Ribbon to take on Midwest, West Coast markets
(Compass)
Waterfront home in Water Mill asks $19.5M
Waterfront home in Water Mill asks $19.5M
Loy Carlos leaves Corcoran for Serhant luxury unit
Loy Carlos leaves Corcoran for Serhant luxury unit
Loy Carlos leaves Corcoran for Serhant luxury unit
Deconstruct Podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
Now streaming: the debut episode of Deconstruct, TRD’s new podcast
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...