The Real Deal New York

Guess how much Robert Gladstone’s Crown penthouse is going for now?

Madison Equities is betting that size and looks matter
November 18, 2017 11:47AM

(Credit: back photo, City Realty; front TRD)

The Crown penthouse at 212 Fifth Avenue is back on the market and this time its asking for even more: the asking price is $73.8 million, $5 million more than its January listing price.

The new asking price makes Madison Equities’ triplex penthouse one of New York’s most expensive listing, according to Mansion Global. When the more than 15,000-square-foot five-bedroom, which occupies the three top floors of 212 Fifth Avenue, first hit the market it was still under construction. The penthouse languished for 96 days before being pulled off the market.

“The problem was nobody had the imagination,” as Madison Equities’ Robert Gladstone told Mansion Global. “You couldn’t see it before because there were table saws in the way.”

When the Crown penthouse, named for its parapet, hit the market this time around, Madison Equities decided to up the price, because now the home is completed. (Unless the new buyer wants to add a pool to the nearly 6,000 square foot exteriors of the penthouse.)

“Why discount it?” Gladstone told Mansion Global. “Let’s put up its real value.”

Not only is that bucking the usual logic of homes selling for less on their subsequent listings, but Madison Equities’ massive penthouse is a rarity among developers of late who are downsizing penthouses to create smaller more numerous units that can claim penthouse status.

[Mansion Global] — E.K. Hudson