Armorie (Adellco via Corcoran Sunshine)
The week of April 21-27, 2025 marked a return to business after the Easter and Passover holidays, with some continuing to observe Easter on Monday, April 21. This could perhaps account for the slight week-over-week decrease in the number of contracts signed and aggregate dollar volume. However, thanks to some uber-luxury deals asking over $10 million, the median asking price ticked up during this time.
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Shortly after the first listings at Armorie went live, the boutique condominium experienced one of the fastest sellouts in years. A spokesperson for developer Adellco said that all 20 residential units plus the grade-level commercial space in the publisher-turned-residence entered contract with one buyer for $71 million.
In a January 2025 interview with CityRealty, Adellco CEO Matthew Adell said that the over 100-year-old brick building was a prime candidate for residential conversion, as few interior and exterior modifications were required. However, the newly created interiors by Andre Kikoski Architecture (AKA) are to boast such luxurious features as high ceilings, European oak hardwood floors, oversized casement windows, and high-end finishes and appliances throughout. Residential amenities will include an attended lobby with cold storage, a fitness center, and a rooftop terrace with dining and lounging areas. CityRealty followed up with Mr. Adell to talk about the deal.
In a January 2025 interview with CityRealty, Adellco CEO Matthew Adell said that the over 100-year-old brick building was a prime candidate for residential conversion, as few interior and exterior modifications were required. However, the newly created interiors by Andre Kikoski Architecture (AKA) are to boast such luxurious features as high ceilings, European oak hardwood floors, oversized casement windows, and high-end finishes and appliances throughout. Residential amenities will include an attended lobby with cold storage, a fitness center, and a rooftop terrace with dining and lounging areas. CityRealty followed up with Mr. Adell to talk about the deal.
CityRealty: I'm guessing you can’t disclose the buyer, but it’s likely an investor. What would draw an investor to making this kind of purchase?
Matthew Adell: There are individuals fundamentally interested in investing in NYC condominiums as an asset class. At first the buyer was negotiating for a group of apartments, not the entire building, but I was able to convince them that, given their plan, controlling the entire building would be consistent with their vision, and they can sell at their own pace.
Matthew Adell: There are individuals fundamentally interested in investing in NYC condominiums as an asset class. At first the buyer was negotiating for a group of apartments, not the entire building, but I was able to convince them that, given their plan, controlling the entire building would be consistent with their vision, and they can sell at their own pace.
CityRealty: Will you still deliver all the interiors and amenities finished to the same degree as if you were selling them yourselves?
Matthew Adell: Yes, that is the plan, and they will sell at their own pace post-delivery.
CityRealty: With Armorie taken care of, are you interested in pursuing other office-to-condo opportunities?
Matthew Adell: We were already working on our next project, and are always looking for opportunities.
CityRealty: Does this signal optimism in the new development market, especially Downtown?
Matthew Adell: I think it definitely does. This signals a continued interest in New York. In the real estate condominium world, well-delivered and well-appointed product is what buyers want. We were able to showcase all the details and finishes, even without a model unit on-site or sales gallery. The materials we had for a soft sell spoke to the buyer, and the package we put together was extremely convincing.
The location is also part of its charm and part of its value. Where we are, East 25th Street off Park Avenue South, is technically downtown, but is centrally located.
16 East 64th Street, #TH (Leslie J. Garfield)
The top townhouse contract of the week was also the second-highest overall: 16 East 64th Street entered contract with an asking price of $25 million. The buyer of the single-family home on the same block as mansions linked to Gianni Versace and Ivana Trump has not been identified. Public records indicate that the seller, identified through an LLC, paid $21.5 million for the house in August 2005.
This contract represents the latest chapter for the Neo-Federal mansion dating back to the late 19th century. One of its earliest owners was statesman/journalist Carl Schurz (not to be confused with Peanuts cartoonist Charles M. Schultz), namesake of Carl Schurz Park on the Yorkville waterfront (h/t Daytonian in Manhattan).
After fighting for democratic reforms in his native Germany, Mr. Schurz emigrated to America in the early 1850s. His speeches were instrumental in Abraham Lincoln's election as president, and he served as a general in the Civil War. After the war ended, Mr. Schurz was the first German-American to be elected to the United States Senate and served as Secretary of the Interior under President Rutherford B. Hayes. After President Hayes left office, Mr. Schurz moved to New York City and embarked on a journalistic career with New York Evening Post and Harper's Weekly.
Mr. Schurz sold the house in 1900, a few years before his death in 1906. It was converted to a private club in the 1950s, with the interior detailing carefully preserved by architects Rosario Candela and Paul Resnick, before being converted back to a private home in 1990.
After fighting for democratic reforms in his native Germany, Mr. Schurz emigrated to America in the early 1850s. His speeches were instrumental in Abraham Lincoln's election as president, and he served as a general in the Civil War. After the war ended, Mr. Schurz was the first German-American to be elected to the United States Senate and served as Secretary of the Interior under President Rutherford B. Hayes. After President Hayes left office, Mr. Schurz moved to New York City and embarked on a journalistic career with New York Evening Post and Harper's Weekly.
Mr. Schurz sold the house in 1900, a few years before his death in 1906. It was converted to a private club in the 1950s, with the interior detailing carefully preserved by architects Rosario Candela and Paul Resnick, before being converted back to a private home in 1990.
The Plaza, #409 (Compass); Frank Lloyd Wright by New York World-Telegram and the Sun staff photographer: Al Ravenna - This image is available from the United States Library of Congress's Prints and Photographs division
Down the street at The Plaza, Residence #409 had the week's third-highest contract with an $18.9 million asking price. The four-bedroom home overlooking Central Park is also known as the Frank Lloyd Wright suite in honor of the acclaimed architect who lived there while he was working on the Solomon R. Guggenheim Museum in the 1950s. The contract was signed nearly two months after the unit was listed in February 2025.
Additionally, the West Village was home to New York's top sale for the third week in a row: Penthouse E, a quadruplex penthouse at boutique condominium 601 Washington Street, entered contract with an asking price of $29,000,000. The Real Deal identified the seller as cryptocurrency executive Kain Warwick and notes if it sells for the ask, he would take a loss on it, having paid $30,650,000 for it in October 2021. Mr. Warwick installed a hot tub and plunge pool on one of the six-bedroom penthouse's two massive terraces, and intended to use the home as a pied-a-terre, but ultimately did not spend much time there. He initially listed it for $36,500,000 in December 2024.
601 Washington Street, #PHE (Serhant)
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Top NYC Contracts: April 21-27, 2025
#9 (tie). Seven Harrison, #ATELIER
Last Ask: $8,995,000 (-4.3%)
Tribeca | Condominium | 3 Bedrooms, 3.5 Baths | 3,135 ft2
Seven Harrison, #ATELIER (Compass)
#9 (tie). 131 East 95th Street, #TH
Last Ask: $8,995,000
Carnegie Hill | Townhouse | 4 Bedrooms, 4.5 Baths | 5,300 ft2
131 East 95th Street, #TH (Corcoran Group)
#8. 50 West 66th Street, #12C
Last Ask: $9,165,000
Central Park West | Condominium | 4 Bedrooms, 4.5 Baths | 3,223 ft2
50 West 66th Street, #12C (Douglas Elliman Real Estate)
#7. 150 East 72nd Street, #5S
Last Ask: $9,995,000
Lenox Hill | Condominium | 4 Bedrooms, 5.5 Baths | 4,175 ft2
150 East 72nd Street, #5S (Sothebys International Realty)
#6. 50 West 66th Street, #15D
Last Ask: $12,075,000
Central Park West | Condominium | 5 Bedrooms, 5.5 Baths | 3,889 ft2
50 West 66th Street, #15D (Douglas Elliman Real Estate)
#5. 50 West 66th Street, #8D
Last Ask: $12,250,000
Central Park West | Condominium | 5 Bedrooms, 5.5 Baths | 3,889 ft2
50 West 66th Street, #8D (Douglas Elliman Real Estate)
#4. 737 Park Avenue, #FL15E
Last Ask: $14,250,000 (-2.4%)
Park/Fifth Ave. to 79th St. | Condominium | 5 Bedrooms, 6+ Baths | 4,382 ft2
737 Park Avenue, #FL15E (Arvik Group Real Estate)
#3. The Plaza, #409
Last Ask: $18,900,000
Midtown West | Condominium | 4 Bedrooms, 3.5 Baths | 4,000 ft2
The Plaza, #409 (Compass)
#2. 16 East 64th Street, #TH
Last Ask: $25,000,000
Park/Fifth Ave. to 79th St. | Townhouse | 5 Bedrooms, 6+ Baths | 8,700 ft2
16 East 64th Street, #TH (Leslie J Garfield & Co Inc)
601 Washington Street, #PHE (Serhant)
From the Listing: Experience townhome luxury with penthouse views in this one-of-a-kind quadruplex spanning nearly 7,500 square feet with 6 bedrooms, 6 full bathrooms, and 2 powder rooms. Seconds from the Hudson River Greenway, and renowned dining and nightlife, this breathtaking trophy residence offers unrivaled privacy and grandeur in one of Manhattan’s most iconic neighborhoods. Two terraces are adorned with Edmund Hollander landscaping and bluestone pavers. The lower terrace includes a fully equipped outdoor kitchen, a fire pit, and a plunge pool. The upper terrace features a rooftop hot tub overlooking Lower Manhattan. See full details here.
601 Washington Street has no public availabilities.
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