A penthouse at Madison Realty Capital’s Greenwich Village mission simply closed for a reduction.
The duplex apartment offered for $32.5 million, down considerably from its final asking value of $45 million, in keeping with public data. The apartment traded to a purchaser whose identification is shielded by shell corporations, Hidden Prices LLC and Hidden Prices 2 LLC.
The deal for Unit PH2 closed simply two weeks after it snagged a signed contract and led Olshan Realty’s weekly report on the highest offers inked in Manhattan. The markdown comes regardless of condos in Downtown Manhattan attaining record-high costs, and as pending offers for brand new growth condos within the space are poised to surpass them.
The 6,800-square-foot house has 5 bedrooms and 7 bogs. It additionally incorporates a non-public elevator, a nook chef’s kitchen and two terraces. Facilities within the Robert A.M. Stern-designed constructing embrace a health heart, golf simulator and bar.
Madison Realty Capital tapped a workforce with Corcoran Sunshine Advertising and marketing Group, led by Ryan Kaplan and Tara King-Brown, to go gross sales of the mission’s 14 models, which launched final 12 months.
Since then, offers for 5 condos have landed within the metropolis register, with modest reductions, in keeping with StreetEasy. Unit 16 closed for $15.4 million, down solely barely from its final asking value of $16 million, whereas Unit 15 offered for $14.5 million, in comparison with its $15 million asking value.
The constructing’s projected sellout in its preliminary providing plan was greater than $288 million, together with $1.6 million for 14 storage bin licenses.
A spokesperson for the developer, Kaplan and King-Brown didn’t instantly reply to a request for remark. An legal professional and enterprise supervisor representing the client didn’t instantly reply to a request for remark.
The developer’s street to launching gross sales was rocky, as tenants within the neighboring walkup complained in 2023 that development on the mission was causing cracks in their apartments. These tenants needed to relocate after the cracks unfold to the outside and particles started falling from the constructing.
Madison Realty Capital can be the developer behind the greater than 470 flats on the Greenpoint Central mission, which it took over in 2021 from Bo Jin Zhu’s DuPont Road Builders. The developer scored a $180 million development mortgage from Elliott Funding Administration in 2024 and a $285 million bridge mortgage to refinance the mission from TPG Actual Property earlier this 12 months.
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