How strong is the market for New York City penthouses? The owner of a Walker Tower aerie who wants $42 million for the pad is about to find out.
Spanning nearly 7,000 square feet, the four-bedroom penthouse is asking $6,000 per square foot. “All the finishes have been upgraded,” said listing agent Toni Haber [TRDataCustom] of Compass, who said the current owner combined two penthouses in 2014.
Haber didn’t comment on the buyer’s identity, but said they are looking to downsize since they won’t be spending as much time in New York.
The owner — listed in property records as 210 West 18th Street 2012, LLC — paid $31.3 million for the condominium at JDS Development Group and Property Market Group’s 212 West 18th Street, records show. The unit’s been on and off the market over the years, according to StreetEasy, most recently asking $39.995 million.
Luxury pads took a beating in 2016 — with an 18 percent drop in the number of contacts signed compared to 2015, according to Olshan Realty. For properties priced at $10 million and up, contracts dipped 5 percent year over year.
Despite those headwinds, Haber said there is a market for exceptional properties. She pointed to a string of recent penthouse deals that she said signal the trophy market is very much alive.
Last week, Starbucks CEO Howard Schultz closed on a $40 million penthouse at Greenwich Lane, where he paid $7,100 per square foot. At 10 Sullivan Street, a penthouse went for $25.45 million last month, and at 215 Chrystie Street, a penthouse sold for $23.5 million this fall. At Walker Tower, LA Fitness CEO Louis Welch sold his penthouse — one floor above Haber’s listing — for $45 million.
“There are still a handful of great trophy apartments selling, for sure,” she said.