Madison Realty Capital has finally closed on the duplex penthouse at Sixteen Fifth Avenue in Greenwich Village, landing a $32.5 million sale price that sits far below the apartment’s most recent $45 million ask. Public filings show the buyer cloaked behind shell companies, and the size of the discount on a brand-new downtown condo is raising eyebrows among people watching the very top of the market.
Deal details
Unit PH2, the building’s duplex penthouse, closed for $32.5 million, down from a $45 million asking price, according to The Real Deal. Public filings recorded in the city register show the buyer is shielded by LLCs named Hidden Costs LLC and Hidden Costs 2 LLC, and the sale wrapped roughly two weeks after the unit first appeared as a signed contract in Manhattan’s weekly reports.
Penthouse layout and building perks
The roughly 6,800 to 6,823 square foot duplex is set up with five bedrooms, seven bathrooms, a private elevator, a corner chef’s kitchen and two terraces, per the listing on StreetEasy. The Robert A.M. Stern designed building aims squarely at the trophy crowd, with amenities that include a fitness center, golf simulator, residents’ bar and private storage.
How steep was the cut?
The Real Deal billed the closing as “36% off,” but the difference between the $45 million ask and the $32.5 million closing price works out to roughly a 28 percent reduction. Whichever number you prefer, it is a notable concession for such a high-profile, low-density new development and a reminder that headline pricing on luxury product can look very different from the figure that shows up in public records.
Other closings and pricing context
Records compiled by StreetEasy show that other closings in the building have come in with far smaller discounts. Unit 16 recorded at about $15.4 million and Unit 15 at roughly $14.5 million, each only marginally below their last asking prices. The building’s offering plan projected a total sellout above $288 million, a target that underscores how a single big markdown can move the math on a boutique condo project; CityRealty detailed that initial sellout and the building’s launch last year.
Developer’s footing
Madison Realty Capital brought the 14-unit Sixteen Fifth Avenue to market last year and tapped Corcoran Sunshine to handle sales and marketing, according to Madison Realty Capital. The firm also runs larger projects around the city, including the 473-unit Greenpoint Central rental complex. Walker & Dunlop arranged a $285 million bridge loan to refinance Greenpoint Central late last year, per Walker & Dunlop.
What it might mean
For brokers and developers tracking downtown Manhattan, the PH2 closing is a fresh data point that even polished, well-amenitized trophy units can face pushback if pricing overshoots the market. With the building’s other penthouse still promoted near $60 million on CityRealty, many in the new-development world will be watching to see whether this discount quietly recalibrates expectations at Sixteen Fifth Avenue and across similar downtown launches.
