The Real Deal New York

Condo at MoMA tower lists for $46M as developers fight over pricing and discounts

Hines, Goldman Sachs, and Singapore’s Pontiac Land Group have been in arbitration over lowering prices
By Decca Muldowney | March 15, 2019 04:30PM

53 West 53rd Street

Stalled by the recession and afflicted by slow sales, the luxury condominium tower at 53 West 53rd Street hasn’t exactly been a roaring success.

And in recent months, developers Hines, Goldman Sachs, and Singapore’s Pontiac Land Group have entered arbitration over disagreements about how far to cut prices.

But that apparently hasn’t stopped the developers from officially listing a four-bedroom unit today for the first time.

Unit 64 spans 6,000 feet, features four-and-a-half bathrooms, and includes a kitchen with views over Central Park and a master bathroom with heated limestone floors. The listing does not make clear what floor the unit is on, but it’s priced at $46 million.

The building has a long history of price-chops, with discounts totaling about $167 million since it hit the market almost four years ago. The tower’s initial projected sellout of more than $2.14 billion has now slipped to less than $1.98 billion, according to disclosures filed with the state Attorney General’s office.

Additionally, elements of the building’s design may have hindered sales, with some observers noting structural columns in the building’s facade impede views from many of its windows.

Amenities at the building include wellness center, a private theater, a wine room, and a golf simulator. Corcoran Sunshine is handling marketing.