New York
Jeff Greene asking $125M for converted Soho condo building
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Jeff Greene lists Soho penthouse for $35M
Billionaire has yet to sell a unit at his 62 Wooster Street development
A photo illustration of Jeff Greene along with 62 Wooster Street (Getty, The Real Deal, Google Maps)
South Florida billionaire Jeff Greene is ready to wash his hands of his personal penthouse at a condo building he developed in Soho, where no sales have happened.
Greene is listing his unit at 62 Wooster Street for $35 million, Crain’s reported. It’s the first time the six-bedroom condo is hitting the market. The listing on the 6,900-square-foot unit breaks down to $5,072 per square foot.
The penthouse includes six and a half baths, a floating staircase and en suite bathrooms for every bedroom. There’s also an outdoor pool next to the primary suite and exposed brick.
The property’s sales and leasing director Colleen Breeckner has the listing.
The Soho condo building marked Greene’s first big project in New York City. He purchased the building for $26 million in 2011 after purchasing a defaulted mortgage note from the last owner. By 2015, Greene was approved to sell the seven condos he developed, projecting a $110 million sellout. Prior to finishing the conversion, he tried to flip the building for $125 million, but couldn’t.
But in the past decade, not a single unit has sold. Some of that was by choice: Greene held on to a unit and a few were set aside for his children, according to Breeckner. But four of the seven units have been listed at one time and even discounted without finding a single buyer.
As of two years ago, the projected sellout of the building had dropped to $87 million.
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While the project’s nonexistent sales have likely been a disappointment, Greene’s billionaire status surely cushions the blow. He reportedly made around $800 million betting against the housing market when the Great Recession unfolded. In addition to development, Greene has tried his hands at politics, running unsuccessfully for the Florida governorship in 2018.
Greene is in the midst of sales at 100 Vandam Street, a 72-unit condo conversion in Hudson Square. Greene also recently advanced a plan for a 152-unit condo project near Currie Park in Florida’s West Palm Beach.