A year and a half after sales opened at 10 Sullivan Street in SoHo, an 8,400-square-foot triplex penthouse priced at $45 million still hasn't sold, and the developer Property Markets Group has decided to cut their masterpiece in two.
The renovation will produce 3,000-square-foot condo priced at $11 million and a $29.5 million 5,400-square-foot duplex. According to Kevin Maloney, principal and founder at Property Markets Group, if the construction wasn't complete, he'd have split the former triplex into three homes instead of just two.
As Oshrat Carmiel writes for Bloomberg Business, the luxury condo boom has tapered off as inventory swells and demand from global investors weakens. For Manhattan investors who want a 'trophy home in the sky' have many to choose from between right now with a $150 million triplex at the former Sony building, a $130 million for a penthouse at 520 Park Ave, and a $70 million duplex designed by architect Jean Nouvel.
Those aren’t even reflected yet in listings on StreetEasy. The real estate website shows at least 13 other newly constructed penthouses for at least $20 million that are being officially offered for sale. All but two have spent more than 100 days on the market. Among them is a 7,000-square-foot penthouse at Toll Brothers Inc.’s 1110 Park Ave. with a $29.5 million price tag -- a 16 percent cut since its listing in January 2015. At Aby Rosen’s 100 E. 53rd St., designed by Norman Foster, a four-bedroom penthouse was listed just last month for $65 million.