Ian Bruce Eichner gets $45M for Flatiron penthouses

Developer closed $167.5 inventory loan in 2018

Feb.February 21, 2020 03:35 PM
Ian Bruce Eichner and Madison Square Park Tower

Ian Bruce Eichner and Madison Square Park Tower

After four years, developer Ian Bruce Eichner has found a buyer willing to pay $45 million for two penthouses atop his Madison Square Park Tower condominium.

The trophy units, which span 13,000 square feet across two floors, were most recently listed for $52 million, the Wall Street Journal reported. One of the units is configured as a three-bedroom and the other is an unfinished white box.

Eichner told the Journal that the buyer, a high net-worth individual from Asia, plans to keep the units separate. Douglas Elliman’s Noble Black and Holly Parker had the listing. The Corcoran Group represented the buyer.

The deal brings the tower to more than 90 percent sold, after launching sales in 2014. Amid a sluggish luxury market, Eichner’s Continuum Company landed a $167.5 million inventory loan in 2018 from Madison Realty Capital.

The developer, who is working on a rental project in Crown Heights, told the Journal he has “no plans to do another residential condominium in New York City for the foreseeable future.”
[WSJ] — E.B. Solomont

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