After years on the market, Zaha Hadid-designed Related penthouse takes another big price cut
Credit Suisse exec buys at Related’s Zaha Hadid-designed Chelsea condo
Unit 10 at 520 West 28th Street sold for $9.4M
Related Companies has cashed in another unit at its Zaha Hadid-designed 520 West 28th Street.
Matias Einaudi, who appears to be a Credit Suisse managing director, scooped up a sponsor unit at the West Chelsea development for $9.4 million, according to public records. First Republic provided a $5 million mortgage.
Unit 10 topped the weekly contracts in Manhattan when it entered into contract last September with a $10 million asking price, down from $13.5 million in the building’s offering plan. The 4,200-square-foot condo was offered as a rental in 2018 for $39,500 a month.
The unit has five bedrooms and four bathrooms and includes about 250 square feet of outdoor space. It also features 10-foot-wide motorized windows, a primary bedroom with its own seating room and a 900-square-foot great room overlooking the High Line.
Corcoran’s Julie Pham had the listing.
Einaudi will join other prominent residents at the 11-story development, known for its sleek, futuristic design. Vice chair of eXP World Holdings Randall Miles and his wife, Karen, bought a $12 million condo in 2021, and Equinox CEO Harvey Spevak purchased a five-bedroom unit for $15.3 million in 2017, just after the peak of Manhattan’s luxury condo market.
The search for buyers has been sluggish at times for Related, which launched sales in June 2015. Stephen Ross’ firm had sold 30 of the building’s 39 units when the developer refinanced the project in 2017 with $162 million from KKR Real Estate Finance Trust.
It resorted to accepting discounts at some of the building’s priciest units, including its 6,900-square-foot top-floor unit. Wesley Edens, chairman of private equity firm Fortress Investment Group, purchased the condo for $20.2 million, a stunning 60 percent drop from its $50 million asking price in 2016.
As Related struggled to lock down sales at the building, the developer quietly offered several units for rent with prices ranging from $11,000 to $39,500 a month, according to Streeteasy.
The sale of Unit 10 represents a 30 percent discount from the offering-plan price and comes eight years after marketing of the building began.
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