Ian Bruce Eichner gets $45M for Flatiron penthouses

Developer closed $167.5 inventory loan in 2018

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.

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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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