After years on the market, Zaha Hadid-designed Related penthouse takes another big price cut

Related refinanced unsold units for $162M in 2017

TRD New York /
Jun.June 11, 2019 03:45 PM
The penthouse at 520 West 28th Street

The penthouse at 520 West 28th Street

The triplex penthouse at Related’s Zaha Hadid-designed 520 West 28th Street has been on the market for more than three years, and has yet to see any takers. It is now being offered at 40 percent off – or as part of a combo deal.

The unit known as Penthouse 37 is now available at a price of $29.75 million, according to promotional material distributed via email on Tuesday morning. That’s a steep discount from the $50 million it was originally asking for in 2015. Alternatively, the unit can also be bought as part of a combo deal with adjacent Penthouse 39, for a total of just under $49 million.

“Let’s Close before July 1!” the email states, also noting that the property is now “Priced to Sell!”

The roughly 6,800-square foot penthouse comes with five bedrooms and a 2,000-square foot terrace, and its floors are linked with a three-level sculptural stair alongside a private internal elevator. Combined with the adjacent unit, the total interior space comes out to more than 11,000 square feet, with a 3,900-square foot terrace. The Corcoran Group’s Charlie Attias team has the listings for both units.

In 2017, with just 10 of the development’s 39 units sold, Related refinanced the unsold apartments and the building’s retail space with a $162 million loan from KKR Real Estate Finance Trust, according to city property records. According to SEC filings from KKR, that loan is set to mature in August 2020.

The latest amendment submitted to the Attorney General’s office shows that the total sellout at the building had fallen to $417.5 million in January, down from a projected $432.7 million when the condo plan was accepted in 2015.

The building’s other amenities include a pool, spa, private IMAX theatre and robotic parking. Equinox CEO Harvey Spevak closed on a five-bedroom $15.3 million unit at the building in October 2017.


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