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10 Sullivan’s scaled-back penthouse finally finds a buyer

The Cary Tamarkin-designed penthouse was once a $45 million triplex, but no longer

The move to chop up a triplex penthouse at Soho’s tallest condo, 10 Sullivan, into two smaller units seems to have paid off. The larger half of the divided condo has sold for $25 million, Bloomberg has learned.

When the adjusted units—a duplex penthouse and a three-bedroom apartment—hit the market last May, the asking prices were $28.5 million and $11.5 million, respectively. The price on the penthouse had subsequently dropped to $27.5 million, but even that wasn’t enough to entice a buyer.

But an even lower price—if you can call $25 million low—plus the developers’ promise to add a rooftop hot tub to the sprawling apartment sealed the deal. “We didn’t get what I wanted, but we got a satisfactory amount,” Robert Gladstone, owner of Madison Equities (one of the developers, along with Property Markets Group), told Bloomberg.

The developers initially wanted to sell the triplex for $45 million, but the glut of luxury apartments flooding the market made them change their tune. And while Bloomberg posits that the luxury market is on the rebound—citing the fact that “the first week of January marked the strongest start to a year since 2014 for sales at $4 million or higher,” per the Olshan Luxury Report—we’re only two weeks in, so who knows what will happen.

That $11.5 million apartment, meanwhile, is still available—and it’s now asking $10 million, so there’s that.

10 Sullivan Street

10 Sullivan Street, New York, NY 10012