The Real Deal New York

Penthouse at KUB’s 150 Wooster sells for north of $4,800 psf

Duplex unit closed at $32M
By Rich Bockmann | March 01, 2018 08:47AM

KUB’s Roger Bittenbender and Shawn Katz with 150 Wooster Street

KUB Capital sold the penthouse unit at its uber-luxury Soho condominium development for more than $32 million.

The development firm, headed by Shawn Katz and Roger Bittenbender, sold the 6,770-square-foot penthouse at 150 Wooster Street for $32.58 million, property records show.  The duplex penthouse unit has four bedrooms and 5.5 baths.

The buyer is an entity named 150 Wooster PH LLC, which property records show is registered care of Baobob Advisors LLC. The latter is also the name of an LLC registered in 2008 in the care of Fortress Investment Group, records with the New York Department of State show.

The purchase price works out to $4,863 per square foot in a building that’s set lofty goals. The state Attorney General’s office in August approved a $105 million condo plan for the six-unit project, which works out to an average of $17.5 million per apartment.

Construction topped out over the summer on the building, which will hold roughly 10,000 square feet of retail space. Four of the six units have sold, according to a representative of the developer.

KUB bought the development site for $50 million in 2014 and landed a $24 million construction loan in 2016 from Starwood Property Trust.

CORE is handling sales at the building.