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

A unit at the Getty holds the record

New York /
Dec.December 12, 2018 03:15 PM

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


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)

Who’s buying and selling Manhattan homes? Last month’s notable deals

Who’s buying and selling Manhattan homes? Last month’s notable deals
New Yorkers signed leases in record numbers last month. (Getty)

Manhattan, Brooklyn rental leasing hit 12-year high in December

Manhattan, Brooklyn rental leasing hit 12-year high in December
Damien Dwin of Lafayette Square Holding (Photos via Lafayette; iStock)

Sustainable housing is focus of Damien Dwin’s social justice effort

Sustainable housing is focus of Damien Dwin’s social justice effort
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...