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Fire Sale Keeps Burning Brightly at 14th Street's The Prime

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The fire sale at The Prime, the long-languishing boutique condo in the Chelsea/MePa DMZ, started over the summer, and it looks like the building finally has a good blaze going. The building's broker tells The Real Deal that the duplex penthouse where Jeremy Piven briefly pitched his tent has sold. But the Piven particles in the air weren't enough to make the deal -- there was also some pretty significant choppage. The unit originally hit the market asking $9.5 million in '06, got its price cut to $7.5 million and then $5.9 million this year, and finally sold for $4.1 million, a sharp 57% fall from the original price. There's just one unit still left for sale, a 3,800-square-foot 2BR, 2.5BA now chopped down to $2.995 million, under $800/foot.

A few more closed units have hit public record in the nine-unit building since we last checked, at fairly low per-square-foot prices for Manhattan new-development standards. Here's the breakdown:

1) #6: Once asking $3.4 million, last chopped 19 percent to $2.175 million. Sold for $2 million, or $854/foot.
2) #4: Initially asking $2.6 million, last chopped 17 percent to $2.15 million. Sold for $1.95 million, or $832/foot.
3) #2: Recently asking $1.95 million, sold for $1.87 million, or $828/foot.

Here's the floorplan on that Prime penthouse to help illustrate what $4 million buys on 14th Street nowadays. There's also a private roof deck not shown:

· One unit left to go at Saxa's the Prime [Real Deal]
· The Prime at 333 West 14th Street [StreetEasy]
· Fire Sale on 14th Street Has an Entourage [Curbed]