One down, one to go: 160 Leroy’s $31.5M penthouse finds buyer

17 contracts inked last week: Olshan

TRD New York /
Jul.July 03, 2017 10:15 AM

The penthouse at160 Leroy Street and Ian Schrager (Credit: Getty Images)

One of two penthouses that originally comprised a massive spread atop Ian Schrager’s 160 Leroy Street has found a buyer.

The smaller of the two penthouse units, a 4,849-square-foot condo asking $31.5 million, was the priciest pad to go into contract last week, according to Olshan Realty’s weekly luxury market report. The unit has a 2,616-square-foot Rooftop Terrace that comes with an outdoor kitchen and hot tub.

For the week of June 26 to July 2, there were a total of 17 contracts signed on pads asking $4 million an up, the lowest tally since 2013. The total weekly asking price sales volume was $145.2 million. The average asking price was $8.5 million with an average of 438 days on market.

The penthouse at 160 Leroy originally spanned the entire floor, and had an asking price of $80 million. But it was split into two last year. “We thought it would be better for the marketplace; it’s what people were asking for,” Vector Group CEO Howard Lorber, an investor in the project, told The Real Deal at the time. Douglas Elliman’s Madeline Hult Elghanayan, Lauren Muss, Kirk Rundhaug and Dennis Mangone had the listing.

The remaining penthouse, spanning 7,750 square feet, is asking $48.5 million, according to StreetEasy.

The No. 2 contract was a duplex at Toll Brothers City Living’s 1110 Park Avenue, asking $17.995 million. The 5,702-square-foot unit has five bedrooms. The seller was former Avon CEO Andrea Jung, who purchased the unit last year for $17.6 million.  [Olshan] E.B. Solomont

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