The Real Deal New York

This Tribeca penthouse just sold for half its asking price

The unit at 11 North Moore Street went for $20 million
By Meenal Vamburkar | August 16, 2018 06:00PM

The penthouse at 11 North Moore

UPDATED, Aug. 17, 10:01 a.m.: A penthouse in Tribeca is finally off the market — but sold for half its original asking price.

The unit at VE Equities’ 11 North Moore Street sold for $20 million, according to New York City Department of Finance records. The anonymous buyer is listed as “11 North Moore Street, PH LLC.”

The 7,000-square-foot pad hit the market in 2014, asking $40 million. The apartment features about 3,100 square feet of outdoor space — with a swimming pool on the private rooftop. It also has a private two-car garage. A-list buyers, including Leonardo DiCaprio, had reportedly looked at the unit.

The penthouse at 11 North Moore

The price was reduced to $25 million last year, and it was also listed as a $75,000-per-month rental, StreetEasy shows.

Douglas Elliman’s Tamir Shemesh had the listing.

Elliman’s Fredrik Eklund, who also stars on Bravo’s “Million Dollar Listing New York,” had launched sales at the building in 2013. Half of its 16 units went into contract 72 hours after coming to market.

The penthouse at 11 North Moore

The penthouse purchase comes as luxury units have been lingering on the market amid a glut of inventory. In the last week of July, luxury properties that went into contract were sitting on the market for an average of 536 days, according to Olshan’s market report. Through August 12, the average was 431 days.

That’s prompted developers to cut prices. Extell Development, for example, has been discounting sponsor units at One57 — and Toll Brothers held a nationwide sales event in July.