Walker Tower - JDS Development

New York Penthouse Sells for $40.73 Million

Measuring over 6,500 square feet, Penthouse Two has three wood-burning fireplaces and a 463-square-foot terrace with views of the Empire State Building and the Hudson River.

A penthouse at New York’s Walker Tower has closed for $40.73 million, according to Vickey Barron, the building’s director of sales.

Penthouse Two, on the 23rd floor of the Chelsea building, went on the market about a year ago for $47.5 million. The all-cash deal closed Thursday and the 47-unit building is now sold out, said Ms. Barron, an agent at Douglas Elliman Real Estate. She said the buyers were represented by Carrie Chiang and Julian Berkeley of the Corcoran Group, who weren’t immediately available for comment.

Ms. Barron declined to identify the buyers, but said they are from California and plan to use the home as a pied-à-terre.

Measuring over 6,500 square feet with five bedrooms and 5½-bathrooms, Penthouse Two has three wood-burning fireplaces and a 463-square-foot terrace with views of the Empire State Building and the Hudson River.

Ms. Barron said the penthouse was staged about three weeks ago, which led to a sudden flurry of offers. “As soon as we anchored it with some furniture, that’s when traffic picked up,” she said. “It makes a difference.”

For a few months, Penthouse Two had been listed along with a smaller unit for a total $51.5 million, but the smaller unit ended up being sold separately, Ms. Barron said.

Walker Tower is an Art Deco office building converted to condos by JDS Development Group and Property Markets Group, in partnership with Starwood Capital Group. The building set a record for downtown Manhattan in January, when Penthouse One closed for $50.9 million.

Penthouse Two is slightly larger than Penthouse One, but is a floor below—top-floor units nearly always fetch a building’s highest prices, Ms. Barron said.

The tower was completed in 1929 as an office for the New York Telephone company. Condo sales began in the summer of 2012, Ms. Barron said, and the average price a square foot of units sold in the building ended up being just over $4,000.

“We were very successful with pricing,” she said.


By: Candace Taylor, The Wall Street Journal

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