In one of the premier real estate transactions of the year in New York City, a lavish penthouse in Manhattan with an initial asking price of $49 million has entered into a contract. Spanning approximately 7,375 square feet, this opulent penthouse, featuring five bedrooms, stands out as the largest residence within the newly constructed condominium, One High Line, situated in the vibrant Chelsea neighborhood.
Alex Witkoff, co-chief executive of the Witkoff Group, involved in the development alongside Len Blavatnik’s Access Industries, revealed this information while refraining from disclosing the final sale price. Offering panoramic views encompassing 360 degrees, the penthouse boasts approximately 4,830 square feet of outdoor space, as disclosed by Alex Witkoff. Formerly recognized as the XI, this condominium project, comprising 235 units, spans an entire city block above the renowned High Line park. Although sales commenced in 2018 under the auspices of the original developer, HFZ Capital Group, financial difficulties led to project delays. Stepping in over a year ago, Witkoff and Access Industries took over, rebranding the development as One High Line. Since August, the building has witnessed the closure of 80 units, according to a project spokesperson.
In addition to the aforementioned penthouse, another unit, with an asking price of $52 million, entered into a contract back in June but remains pending closure due to its incomplete status, as noted by the spokesperson. The developers attribute the robust sales at One High Line to the heightened demand for expansive residences and the scarcity of family-oriented apartments in downtown Manhattan. In 2023 alone, deals totaling $600 million were struck at the building, with approximately 35 transactions exceeding $5 million. Alex Witkoff expressed optimism for surpassing the previous year’s sales, highlighting that many deals were secured early in the year before macroeconomic concerns arose.
Designed by the acclaimed Bjarke Ingels Group, One High Line comprises two striking towers and boasts around 20,000 square feet of amenity space, including a 75-foot lap pool, whirlpool, fitness center, co-working area, children’s playroom, billiards room, and dining facilities. Additionally, one of the project’s towers is set to house a 120-key Faena Hotel, scheduled for opening in early 2025. Despite an overall deceleration in the luxury real estate market in the previous year, downtown Manhattan witnessed several notable high-value condo transactions. Noteworthy among these were the off-market sale of a penthouse at 150 Charles Street for $52 million and the sale of another penthouse at 151 Wooster Street for $50 million. According to real estate appraisal firm Miller Samuel, while the number of luxury sales in Manhattan experienced a 5.9% decline in the fourth quarter of 2023 compared to the same period in 2022, the average sale price for luxury properties surged by 7.3% year-over-year.
Source: WSJ
Photo: One High Line Residences