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29

NYC Penthouse Gets Sliced in Two as Luxury Market Falters

By Tony Seruga

Developer says $45 million was `too expensive for the market’
Plans two apartments priced at $29.5 million and $11 million

At the very top of his newly constructed condo tower in SoHo, developer Kevin Maloney saw a problem: a triplex penthouse priced at $45 million that he knew wouldn’t sell in a Manhattan market where luxury deals are slowing.

So he ripped up the floor plan and chopped the apartment with about 8,400 square feet (780 square meters) of space into two more-manageable units. Had the building, at 10 Sullivan St., not been almost complete, he would have carved the penthouse into three, he said…

NYC Penthouse Gets Sliced in Two as Luxury Market Falters

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