Related takes another discount at Zaha Hadid-designed Chelsea condo

Unknown buyer pays $13.2M for sponsor unit, down from $16.5M ask

Related CEO Jeff Blau, Zaha Hadid and 520 West 28th Street
Related CEO Jeff Blau, Zaha Hadid and 520 West 28th Street (Blau via Emily Assiran, Getty, Related)

Related Companies locked down another sale at 520 West 28th Street, its Zaha Hadid-designed luxury condo building along the High Line, though getting there required yet another price cut. 

An unknown buyer paid $13.2 million for unit #32 at the West Chelsea development, records show — about a 20 percent discount from its last asking price of $16.5 million. 

The price is an even further cry from Related’s initial expectations for the unit, which it planned to list for $25 million, according to the project’s original offering plan.

The four-bedroom, four-bathroom unit comes with a wrap-around terrace that offers views of the Empire State Building and the High Line below. It also features a direct elevator entrance, 10-foot-wide motorized windows and a primary suite with a windowed bathroom and free-standing tub.

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Corcoran Sunshine heads sales at the building, known for its glossy metal and glass facade. The listing brokers did not immediately respond to a request for comment.

Though the 11-story building boasts a suite of luxury amenities including an off-street entrance through a private garage, an IMAX theater, a 75-foot saltwater pool and a spa, sales of its 39 residences have been slow since Related launched them eight years ago. 

In 2017 — with the majority of its units still unsold — the developer took out a $162 million loan from KKR Real Estate Finance Trust. Related has since begun accepting steep discounts, including a 60 percent markdown on its 6,900-square-foot penthouse, which Fortress Investment Group chairman Wesley Edens bought for $20.2 million in 2020 — less than half of its original $50 million asking price. 

Other buyers at the 11-story building include Credit Suisse-executive Matias Einaudi, who paid $9.4 million for a five-bedroom unit last month, down from $13.5 million in the building’s offering plan. Vice chair of eXP World Holdings Randall Miles and his wife, Karen, purchased a condo for $12.1 million in 2021, and in 2017, Equinox CEO Harvey Spevak bought a unit for $15.3 million. 

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