Related takes another discount at Zaha Hadid-designed Chelsea condo
Unknown buyer pays $13.2M for sponsor unit, down from $16.5M ask
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.
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.