The Getty condo chops prices up to 53%

Boutique building developed by Victor Group and Michael Shvo looks to spur sales

(Images courtesy of Victor Group)
(Images courtesy of Victor Group)

The developers of the Getty condominium are slashing prices in an effort to sell out the remaining third of the building.

The cuts on four unsold residential units, which come just two years after a penthouse at the project fetched a record $59 million, range from 42 percent to 53 percent, according to a release from Victor Group, which developed the West Chelsea building along with Michael Shvo as a minority investor.

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Ran Korolik, Victor partner and executive vice president, said the reductions “reflect today’s environment.”

“We are taking a proactive approach,” he said in a statement. “We hope this bold move sends a strong signal to the market that we have priced the residences to sell, and we are looking to transact.”

Manhattan’s luxury home values peaked at about the time the Getty was approved by the state attorney general in 2016. The market ebbed for several years and was moribund when the pandemic hit in March, slowing new sales to a crawl. In-person showings have since resumed, which along with price cuts have brought some life back to the market.

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The Getty’s three-floor penthouse sold for $59 million in 2018, which at the time was Manhattan’s most expensive sale ever downtown. The buyer was later identified as private equity executive Robert F. Smith.

The Peter Marino–designed building at 503 West 24th Street also contains two commercial condos. One was sold to art gallery Lehmann Maupin for $27 million and the other to Blackstone Group billionaire and art collector Tom Hill, who paid $29 million last year.

The unsold residences occupy four full floors of the 12-story building. Three of the units have outdoor space. The adjusted asking prices now range from $13.8 million for a three-bedroom unit on the eighth floor to $9.4 million for a three-bedroom on the sixth floor with no balcony. The prices work out to between $2,838 and $3,616 per square foot.

Shlomi Reuveni of Reuveni Real Estate is handling the marketing and sales of the units. He described the “aggressive price reductions” as an “unprecedented and unique opportunity for highly selective buyers.”

Victor Group landed a $30 million condo inventory loan for the project last year from Paragon Outcomes Management and Axos Bank.

Write to Erin Hudson at ekh@therealdeal.com