The Real Deal New York

Penthouse at 70 Vestry fails to set Downtown record; sells for $55M

A unit at the Getty holds the record
December 12, 2018 03:15PM

70 Vestry Street

Once expected to be the priciest sale in Downtown Manhattan, the penthouse at 70 Vestry instead sold at a steep discount.

The Vestry Street unit had been listed for $65 million – a record for Downtown Manhattan – but closed on Monday for $55 million, according to the Wall Street Journal. This puts it behind the sale of a penthouse at the Getty on West 24th Street by the High Line, which closed for $59 million in May.

An Italian entrepreneur purchased the Vestry Street penthouse through a limited liability company, brokers told the Journal. A REAL New York team including Louis Adler, Binyamin Weinstein and Robert Rahmanian represented the buyer.

The Getty penthouse, too, sold at a major discount, originally asking $71 million.

The 70 Vestry Street project comes from Related Companies, and it has seen a series of high-profile sales recently. Related Companies’ chairman Stephen Ross just bought a $6.9 million condo at the building; a unit that Gisele Bundchen and Tom Brady were reportedly looking at sold in October for $25.5 million; and film producer and director Jack Heller bought a unit in October as well for $18.8 million.

Broker Donna Olshan told the Journal that the $10 million price cut at 70 Vestry was simply a sign that its original price was too high.

“It is a reflection of real market value as opposed to the aspirational market value,” she said. [WSJ] – Eddie Small