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Developer Sells a $10M Penthouse That Was Never There

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The greatest trick that controversial developer Laurence Gluck ever pulled was convincing the world that Penthouse A in The Olcott didn't exist. Property records show that Gluck just sold PHA in the Upper West Side condominium building developed by his company, Stellar Management, to a hedge fund manager and his wife for $10,400,405.50. What's interesting about that is that PHA hasn't been listed since 2008, when it was on the market for ten days asking $10 million and then, later that year, for sixty-five days when it was listed as a combo with Penthouse B for just under $20 million. Both were listed as sponsor units, but apparently Gluck just decided to keep them for himself, then turned around and sold PHB under his own name in 2009 for only $5.5 million. The buyer of PHB has been trying to flip it for $7 million ever since. Apparently, PHB entered contract in July, although it's unknown who the buyer is and how much they're paying (is it possible that Mr. and Mrs. Hedge Fund Manager are getting the combo unit after all?) Also unknown is why some sales are under Gluck's name and some aren't. Also also unknown is why the only floorplan provided with the original listing of PHA is limited to the terrace. More questions than answers with this one.

· Laurence Gluck coverage [Curbed]
· The Olcott coverage [Curbed]

The Olcott

27 West 72nd Street, New York, NY