Manhattan’s luxury market logged another bustling week, led by inked deals for a cryptocurrency executive’s West Village quadplex and a penthouse above the Public Hotel.
Buyers signed contracts for 33 homes asking $4 million or more in the borough between April 28th and May 4th, according to Olshan Realty’s weekly report. The total was up from 28 pending deals in the previous period.
The most expensive home to land a buyer was a penthouse at 601 Washington Street, with an asking price of $29 million. Australian cryptocurrency executive Kain Warwick bought the 7,500-square-foot apartment for roughly $31 million four years ago.
Unit PHE, which asked just under $37 million when it listed in December, has six bedrooms, six bathrooms and two terraces, which include a hot tub, plunge pool and outdoor kitchen.
Serhant’s Ryan Serhant and Scott Francis had the listing.
The second priciest home to enter contract was a penthouse at 215 Chrystie Street, with an asking price just under $18 million. The 4,200-square-foot condo has four bedrooms and four bathrooms.
Unit PH2, which last traded for $20 million in 2018, hit the market last January with a $25 million asking price. It also features a 36-foot great room with a fireplace, open kitchen and private landing.
Compass’ Hudson Advisory Team had the listing.
The penthouse is one of 11 residences atop the 367-room Public Hotel on the Lower East Side. Amenities in the building, developed by hotelier Ian Schrager and the Witkoff Group, include access to the hotel’s services, a fitness center and rooftop terrace.
The project was facing foreclosure in 2023 after the developers fell behind on their mortgage payments. By January the following year, Witkoff and Schrager were working with their lender, Varde Partners, to convert $90 million of its debt into equity when one of the investors in the project, an EB-5 regional center, sued them.
The center, which raised $80 million for the project, raised concerns that the debt conversion would dilute their investors’ stake and claimed the developers needed its approval before negotiating a deal.
Witkoff and Schrager completed the project in 2017 and refinanced with a $177 million loan from Deutsche Bank and Aareal Bank and a $60 million mezzanine loan from Korean lender Shinhan Investment Corporation. Varde took over the mezzanine loan in 2023.
Read more
UES townhouse, Plaza suite top Manhattan’s luxury contracts
Crypto exec snags buyer for West Village penthouse
Netflix star, tech mogul pay $37M for 220 CPS condo
