Penthouse at Ian Schrager’s Public Hotel sells at a loss
Final price was $1M less than what seller paid in 2018
The largest penthouse at Ian Schrager’s Public Hotel quietly sold at a $1 million loss last month, property records show.
The 4,300-square-foot unit, dubbed Penthouse 1, is the largest of 11 luxury condos at the top of the building. The apartment was never officially listed before it went into contract in late January for $18 million. The off-market sale closed about a month later on Feb. 26. PincusCo first reported the transaction.
The deal pencils out to about $4,186 per square foot and represents a 5 percent loss for the unknown seller, who bought the unit for $19 million in 2018 from the developers, hotelier Ian Schrager and the Witkoff Group. The developers had initially hoped to sell the full-floor penthouse for $23.5 million.
The mystery buyer handled the purchase through a trust. The attorney listed as the trustee did not immediately respond to a request for comment.
Though the discount is minor compared to the double-digit losses some sellers have absorbed of late, the resale, which is the first in the condominium, may haunt its neighbors, particularly the owner two floors below in Penthouse 3.
The smaller penthouse spans 4,236 square feet and is on the market for $32 million, about 44 percent less than what Penthouse 1 just sold for. The owner of Penthouse 3, also unknown, purchased the condo from the Public’s developers in 2017 for $16 million. They listed the unit in July seeking twice the price.