Penthouse at 70 Vestry fails to set Downtown record; sells for $55M

A unit at the Getty holds the record

70 Vestry Street
70 Vestry Street

Once expected to be the priciest sale in Downtown Manhattan, the penthouse at 70 Vestry instead sold at a steep discount.

The Vestry Street unit had been listed for $65 million – a record for Downtown Manhattan – but closed on Monday for $55 million, according to the Wall Street Journal. This puts it behind the sale of a penthouse at the Getty on West 24th Street by the High Line, which closed for $59 million in May.

An Italian entrepreneur purchased the Vestry Street penthouse through a limited liability company, brokers told the Journal. A REAL New York team including Louis Adler, Binyamin Weinstein and Robert Rahmanian represented the buyer.

Sign Up for the undefined Newsletter

The Getty penthouse, too, sold at a major discount, originally asking $71 million.

The 70 Vestry Street project comes from Related Companies, and it has seen a series of high-profile sales recently. Related Companies’ chairman Stephen Ross just bought a $6.9 million condo at the building; a unit that Gisele Bundchen and Tom Brady were reportedly looking at sold in October for $25.5 million; and film producer and director Jack Heller bought a unit in October as well for $18.8 million.

Broker Donna Olshan told the Journal that the $10 million price cut at 70 Vestry was simply a sign that its original price was too high.

“It is a reflection of real market value as opposed to the aspirational market value,” she said. [WSJ] – Eddie Small