A deal for an apartment in Downtown Manhattan closed at a peak price as sales at a notorious project pick up speed.
Penthouse 36 at One High Line, closed for $47 million, according to public records. The unit went into contract last year with a last asking price of $52 million, down from its original price of $65 million. The final price works out to $6,780 per square foot for the nearly 7,000-square-foot apartment.
It is the most expensive Downtown condo closing this year, according to an analysis of public records.
The deal marks another step in the turnaround story for the towers at 500 West 18th Street, previously considered a symbol of overambitious development before sales momentum won it a place in the return of Manhattan’s residential market.
The project was originally developed as XI by HFZ Capital’s Ziel Feldman, who paid over $1,000 per square foot for the site in 2014. Amid the unraveling of HFZ’s portfolio, beset by unpaid debts and company tumult, the uncompleted project went into foreclosure where the Witkoff Group and Access Industries scooped it up for $900 million in 2021.
The new development team has since picked up the pace on construction — aided by a $1.15 billion refinancing in August — and with it, condo sales.
Penthouse 36, which went to an undisclosed buyer, is the project’s most expensive closing to date, according to data from Marketproof. Earlier this year, the development notched another penthouse contract for $49 million, which has yet to close.
Since closings began in August 2023, the 236-unit project has sold over half of its units and, according to the developers, closed over $800 million in sales in the first half of the year.
The building has closed four other penthouses over $24 million in the past few months, including penthouse 33A, which closed for $26.6 million in October.
Corcoran Sunshine’s Deborah Kern and Steve Gold are heading sales after taking over for Douglas Elliman in 2022.
The six-bedroom penthouse has 360-degree views of the Hudson River and Manhattan skyline, and comes with a nearly 5,000-square-foot private terrace.
One High Line’s final plans for the 900,000-square-foot project include two towers, a 5-star hotel, a spa, commercial retail space and a public plaza. The developers resumed construction in 2022 following a nearly three-year pause initiated by HFZ.
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The sale did not quite crack the uppermost echelon of Downtown sales. A penthouse at 70 Vestry Street in Tribeca sold for $56 million in 2018 and in the same year, a unit at the Getty in Chelsea went for $59 million.
The recent strong sales numbers at One High Line mirror some of the recovery the city has seen as a whole, with new development contracts returning to pre-pandemic norms, buoyed by the luxury sector of the market.