The Real Deal New York

Related says 70 Vestry penthouse will set Downtown record

The developer won’t give the exact price, but said the sale will set a Downtown record
July 27, 2017 11:30AM

Related Companies entered contract to sell its penthouse at 70 Vestry asking $65 million, in a deal the company said will set a sales record for downtown Manhattan.

Both of the penthouses at the building now have contracts out, with a mystery buyer scooping up the $50 million triplex there in January.

The $65 million, five-bedroom apartment will span 7,800 square feet across the top two floors of the building, the Wall Street Journal reported. It features a 2,000-square-foot roof deck, and including terraces, the apartment’s outdoor space totals 3,700 square feet, according to the Journal.

Related would not say the exact price of the unit, but claims the sale will set a new record for Downtown Manhattan sales. The $50.9 million sale of the penthouse at the JDS Development Group and Property Markets Group-developed Walker Tower holds the current record for the area. More than 80 percent of the 46 units at 70 Vestry have now been sold, Related’s Benjamin Joseph told the newspaper.

Last year, NFL star Tom Brady and his supermodel wife Gisele Bundchen reportedly signed a contract for an apartment in the building asking more than $20 million.

Designed by Robert A.M. Stern, 70 Vestry is clad in French limestone and features yoga facilities, a pool, gym and squash court.

In Manhattan’s luxury market last quarter, inventory dropped by 11 percent, with resale inventory in that sector falling by nearly 23 percent, according to the quarterly report from Douglas Elliman.  [WSJ]Miriam Hall