Penthouse at 16 Fifth Ave Trades For 36% Off

A penthouse at Madison Realty Capital’s Greenwich Village project just closed for a discount.

The duplex condo sold for $32.5 million, down significantly from its last asking price of $45 million, according to public records. The condo traded to a buyer whose identity is shielded by shell companies, Hidden Costs LLC and Hidden Costs 2 LLC.

The deal for Unit PH2 closed just two weeks after it snagged a signed contract and led Olshan Realty’s weekly report on the top deals inked in Manhattan. The markdown comes despite condos in Downtown Manhattan achieving record-high prices, and as pending deals for new development condos in the area are poised to surpass them.

The 6,800-square-foot apartment has five bedrooms and seven bathrooms. It also features a private elevator, a corner chef’s kitchen and two terraces. Amenities in the Robert A.M. Stern-designed building include a fitness center, golf simulator and bar.

Madison Realty Capital tapped a team with Corcoran Sunshine Marketing Group, led by Ryan Kaplan and Tara King-Brown, to head sales of the project’s 14 units, which launched last year.

Since then, deals for five condos have landed in the city register, with modest discounts, according to StreetEasy. Unit 16 closed for $15.4 million, down only slightly from its last asking price of $16 million, while Unit 15 sold for $14.5 million, compared to its $15 million asking price.

The building’s projected sellout in its initial offering plan was more than $288 million, including $1.6 million for 14 storage bin licenses.

A spokesperson for the developer, Kaplan and King-Brown did not immediately respond to a request for comment. An attorney and business manager representing the buyer did not immediately respond to a request for comment.

The developer’s road to launching sales was rocky, as tenants in the neighboring walkup complained in 2023 that construction on the project was causing cracks in their apartments. Those tenants had to relocate after the cracks spread to the exterior and debris began falling from the building.

Madison Realty Capital is also the developer behind the more than 470 apartments at the Greenpoint Central project, which it took over in 2021 from Bo Jin Zhu’s DuPont Street Developers. The developer scored a $180 million construction loan from Elliott Investment Management in 2024 and a $285 million bridge loan to refinance the project from TPG Real Estate earlier this year.