Stephen Ross’ penthouse tops Manhattan contracts despite big price cut
Once asking $75M, unit went into contract for $40M, dominating slow week for luxury deals
The Miami Dolphins may have gotten trounced at MetLife Stadium on Sunday, but their owner Stephen Ross found some consolation across the Hudson River last week, selling his Columbus Circle penthouse for a reported $40 million.
The Related Companies chairman’s 8,500-square-foot condo was by far Manhattan’s priciest listing to find a buyer last week, according to Olshan Realty’s weekly luxury market report, even though its price had been slashed by about $25 million since Ross first listed it in 2019. It was asking $49.9 million when it went into contract last week.
Related Companies co-developed the complex, formerly known as the Time Warner Center, in the early 2000s. The five-bedroom apartment, boasting views of Central Park and the Hudson River, came into Ross’ possession as a “distribution” in lieu of cash profits from the project, The Real Deal previously reported.
The second priciest home to go into contract was a 10th-floor co-op at CBSK Ironstate’s 1228 Madison Avenue in Carnegie Hill. The nearly 4,000-square-foot, four-bedroom unit was asking $11.2 million.
A 3,000-square-foot unit on the building’s 7th floor took third place last week, last asking $8.7 million. Both contracts were signed by “investors in the project,” according to Olshan’s report.
In total, 12 contracts were signed last week for homes asking $4 million or more in Manhattan, down from 14 the week before and 16 the week before that. The Olshan Report blamed the slow week on rising interest rates, a hectic stock market and a mid-week Jewish holiday .
Of the 12 contracts, five were for condos, five for co-ops and two for townhouses. The priciest townhouse was a 3,500-square-foot, three-bedroom home at 66 Jane Street in the West Village asking $6.7 million.
The units spent an average of 907 days on the market, with an average discount of 20 percent. The median asking price was $6 million.