It’s been a slow burn at 125 Greenwich Street, the Rafael Viñolay-designed tower in the Financial District.
The 272-unit tower has begun closing on its first residences, 11 years after the original development team — several of whom are no longer with the project — bought the site.
After initially releasing pricing on all 272 units that worked to a blended average of $2,800 per square foot, the project scaled back its ambitions amid financing troubles that led the team to submit a restated offering plan in 2023 with far fewer units available for sale.
Under the new iteration, developers Bizzi & Partners, Bilgili Holdings and Fortress Investment Group recently declared the project, dubbed The Greenwich, condo effective after the 42nd unit in the building signed a contract, inching past the 15 percent sold mark required by the offering plan filed with the attorney general’s office.
But the project has a ways to go. Since inking its first contract in Feb. 2024, The Greenwich has averaged three deals per month, putting it on pace to sell out in the fall of 2031.
The project, which is being marketed by a Douglas Elliman Development Marketing team led by Stacey Spielman, also has yet to sell a unit over $4 million — despite around a quarter of the tower previously pitched above that price point.
A spokesperson for the project declined to disclose specific sales figures, but said those behind the project are “very pleased with the momentum and overall performance to date.”
Part of the challenge for the tower to move all of its units at competitive prices is an unprecedented glut of condos in the area, spurred on by ambitious developers seeking to remake the Financial District into a high-end residential neighborhood.
As of the end of last year, FiDi had more unsold new condos than the rest of all of Manhattan below 34th Street combined — the first time that has happened since 2012, according to data from Corcoran Sunshine Marketing Group.
That oversupply has made it more difficult for condo buildings to push aspirational pricing in the area. One Wall Street, Harry Macklowe’s 565-unit condo conversion, has sold a quarter of its units, and only two above the 32nd floor. At Trinity Place Holdings’ 77 Greenwich Street, Shlomi Reuveni, who took over sales last year, has sold more units this year already than all of 2024 after aggressively cutting prices.
The developers at The Greenwich appear to have been doing the same.
Since then, the sales team has slowly rolled out new units. The most recent amendment to the plan listed 140 units for sale with an average price per square foot of just over $2,000. Just nine of the 140 units are now listed for over $4 million, a drop from 38 in the original offering plan.
The listed units have been discounted by over 25 percent on average.
The price drops came during a period in which the capital stack was massively overhauled, resulting in distressed debt investor Fortress coming aboard as an equity partner and Northwind Group replacing it as a debt investor with a $313 million loan in 2013 to help finish construction on the project.
The horse-trading continued this year, as the developers sought cheaper financing and found it in the form of a $350 million loan from Starwood Property Trust to replace Northwind’s portion of the debt.
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