10 Sullivan's $45 Million Penthouse Finally Finds A Buyer; Sells For Nearly Half The Price

10 Sullivan Street's 5,503-Square-Foot Penthouse Is Now Off The Market. Photo via Douglas Elliman

Tuesday, Jan 24, 2017 By CityRealty Staff, CityRealty contributor

A penthouse on 10 Sullivan Street in SoHo went into contract last week for a dizzying $25 million. Since sales on luxury buildings diminished this past year, co-developers Property Markets Group and Madison Equities had a tough time selling the property at the original $45 million ask. Realizing it would be difficult to find a buyer in this current economic climate, they decided to split the 8,359-square-foot triplex into two grandiose units: a full-floor, 2,950-square-foot condo for $10 million, and the 5,503-square-foot duplex. With the recent sale of the penthouse duplex, that decision certainly paid off.

When initially listed, the 5-bed, 6-bath penthouse unit had a $29 million ask. In November 2016, the price was cut by $1 million, which was enough to pique the interest of a prospective buyer. With some coaxing as well as the installation of a rooftop hot tub, the unit finally sold for $25 million. The remaining condo is currently listed with a $10 million asking price.

One of the most notable attractions of the penthouse is the great room, which features 26-foot ceilings and three floor-to-ceiling walls of curved-glass that offer extensive city views. Other penthouse features include a private elevator vestibule, a beautiful entry foyer, 2 terraces, oil-rubbed Danish oak floors throughout, and a Poliform windowed chef’s kitchen complete with a large island, walnut cabinets, Sub-Zero, Miele, and Wolf appliances, and Lugano marble countertops. All secondary bedrooms even have their own windowed en-suite bathrooms. Furthermore, the master bedroom boasts an unheard-of 303-square-foot walk-in wardrobe and its master bath contains an opulent bath with Dolomite white marble, a double vanity with Lefroy Brooks fixtures, a freestanding soaking tub, and a separate steam shower. To top it all off, the penthouse also has a private rooftop terrace with 360-degree views, an outdoor kitchen and a powder room.

Additional apartment amenities include radiant heat flooring throughout, a Savant home automation system, and motorized window shades. 101 Sullivan Street's building amenities include a doorman, concierge, onsite gym, parking and storage.

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Private Rooftop Terrace. Photo via Douglas Elliman

According to Bloomberg, the first week of January marked the strongest start in sales, since 2014. At $4 million or higher and 26 contracts in that range signed from January 2 to January 8, things are looking up.

10 Sullivan Street rose from a humble lot that once held a gas station and car wash. Rising 16 stories above the neighborhood, it now stands as the neighborhood’s tallest residential building. Acclaimed architect Cary Tamarkin wanted to create a modern take on Soho’s rich architectural legacy, shaping the SoHo structure to resemble a boat, and its triangular shape, 360-feet-long and 92-feet-wide at its base, bears reminiscence to the Flatiron Building. The hand-laid black-and-blond Norman brick exemplifies industrial inspiration, while the curved concrete, brick, glass, and metal speak 'modernity'.

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Hudson River condos dominate Manhattan’s top sales as 150 Charles unit sells at 96% profit; Elizabeth Sackler buys Fifth Ave penthouse

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