New York’s Real-Estate Market Scores Major Deal on the High Line
A $49 million condo in Chelsea has found a buyer
In one of New York’s first major deals of the year, a Manhattan penthouse asking $49 million has gone into contract
Measuring about 7,375 square feet, the five-bedroom penthouse is the largest unit at the Chelsea new-construction condominium One High Line, said Alex Witkoff, co-chief executive of the Witkoff Group, which is developing the project with Len Blavatnik’s Access Industries. He declined to give the sale price.
The penthouse has 360-degree views and roughly 4,830 square feet of outdoor space, Alex Witkoff said.
Formerly known as the XI, the 235-unit condo project spans a city block above the High Line park. Sales launched at the building in 2018, but the original developer, HFZ Capital Group, faced financial distress and the project stalled. Witkoff and Access Industries took over the project more than a year ago, rebranding it as One High Line. Closings at the building began in August, and so far 80 units have closed, a spokesperson for the project said.
Another penthouse in the building, asking $52 million, went into contract in June, but hasn’t closed yet because it isn’t completed, the spokesperson said.
The developers said demand for large residences and a scarcity of family-sized apartments in downtown Manhattan has bolstered sales at One High Line. In 2023, they said they struck deals at the building representing $600 million, including roughly 35 deals above $5 million. Alex Witkoff said many of those deals were reached early in the year before macroeconomic concerns came into play, and he predicted sales this year would surpass 2023.
Designed by the Bjarke Ingels Group, One High Line comprises two towers It has about 20,000 square feet of amenity space with a 75-foot lap pool, whirlpool, gym, co-working space, children’s playroom, billiard’s room and dining room. A 120-key Faena Hotel will open in one of the project’s towers in early 2025.
Despite an overall slowdown in the luxury market last year, downtown Manhattan saw a string of large condos sales. A penthouse at 150 Charles Street sold in an off-market deal for $52 million, and a penthouse at 151 Wooster Street sold for $50 million.
The number of luxury sales in Manhattan fell 5.9% during the fourth quarter of 2023 compared with the same period of 2022, while the average luxury sale price rose 7.3% year-over-year, according to real estate appraisal firm Miller Samuel.