Wednesday, 4 May 2016

160 Leroy Street's $80M Penthouse Gets Cut In Two

Other apartments in the building are also being divided into smaller units

Following in the footsteps of 432 Park Avenue and 10 Sullivan, 160 Leroy is chopping its storied 12,000 square foot penthouse into two smaller, less expensive apartments. The Real Deal has learned through filings with the Attorney General that hotelier and developer Ian Schrager plans to divide the mammoth $80 million penthouse into a 7,700 square foot apartment and a 4,800 square foot apartment that will ask $48.5 million and $29.5 million.

The penthouse isn't the only apartment in the Herzog & de Meuron-designed building getting lobbed in two. The filings indicate that five additional penthouses will become eight smaller apartments. The adjustments bring the building's unit count up to 56 from 48.

Douglas Elliman CEO and 160 Leory investor Howard Lorber told TRD that the move to chop the penthouse in two was in response to what people were buying (which, of course it is.) "Buyers said, ‘We love the top floor, but we don’t want to spend $80 million. So we figured we’d give them what they want."


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