This seven-story $53M penthouse has been broken up into six units. The first just hit the market for $16M.

The residential portion of the mixed-use building has been divided up

New York /
Aug.August 30, 2019 01:23 PM
219 East 44th Street (Credit: StreetEasy and iStock)

219 East 44th Street (Credit: StreetEasy and iStock)

In 2017, the seven-story mansion atop the Even Hotel in Turtle Bay hit the market, asking a whopping $53 million.

Two years later, that sprawling penthouse at 219 East 44th Street has been carved up into six separate units, instead of being marketed as one nearly 16,600-square-foot pad asking about $3,200 per square foot.

The first of the six homes — the duplex penthouse — was listed on Thursday asking $15.8 million. It spans 4,321 square feet, about a quarter of its original size. That works out to roughly $3,700 per square foot.

The city’s residential market is working to absorb a glut of luxury condominiums. Many high-end units are taking listing price cuts as a result. Meanwhile, some developers are quietly splitting up penthouses at other developments. The $130 million mansion at 520 Park Avenue was split into a simplex and duplex earlier this year.

Douglas Elliman’s Aaron Ross, who has the Even Hotel penthouse listing alongside Fredrik Eklund and John Gomes, said the original plan for the project was to split up the residential portion that sits above the hotel into six distinct apartments. But while the building was under construction, the team shifted strategies to try selling those seven stories in bulk to an investor, developer or end-user who might want to live in a mansion in the sky, he said.

“It was more a matter of giving ourselves a chance to get a return on investment before completing the unit,” Ross said.

Developers Frank Chan and Lance Steinberg did not immediately respond to requests for comment.

The five-bedroom penthouse comes with 1,500 square feet of outdoor space, floor-to-ceiling windows and private elevator landings on each level.

The remaining five full-floor units are also complete but have yet to hit the market, Ross said.


Related Articles

arrow_forward_ios
Photo illustration of GDSNY CEO Michael Kirchmann, Klövern CEO Rutger Arnhult and 417 Park Avenue (Google Maps, iStock)

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Williamsburg pad hits market for almost $9M
Sherry-Netherland Hotel at 781 Fifth Avenue and Guo Wengui (Credit: iStock)

Chinese fugitive willing to take $12M loss at Sherry-Netherland

Chinese fugitive willing to take $12M loss at Sherry-Netherland
From left: GDSNY CEO Michael Kirchmann, 417 Park Avenue and Klövern CEO Rutger Arnhult (Credit: Google Maps)

GDS Development, Klövern buy Midtown East co-op for $184M

GDS Development, Klövern buy Midtown East co-op for $184M
Clockwise from top left: 522 West 29th Street, 40 East 75th Street (center), 820 Fifth Avenue, 54 Thompson Street and 220 Central Park South 

Audacious ask at 220 Central Park South tops priciest listings

Audacious ask at 220 Central Park South tops priciest listings
575 Lexington Avenue (Credit: Google Maps, iStock)

Normandy looks to sell 575 Lex for more than $650M

Normandy looks to sell 575 Lex for more than $650M
Clockwise from left: 270 Park Avenue, 1-15 57th Avenue and 57-28 Second Street in Queens and 310 Hudson Street (credit: Wikipedia, Handel Architects, Google Maps)

Behold the largest projects of 2019

Behold the largest projects of 2019
305 East 46th Street (Credit: iStock)

Japanese firm lands $84M financing for Midtown East buy

Japanese firm lands $84M financing for Midtown East buy
arrow_forward_ios

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

Loading...