Nolita’s extravagant Puck Penthouses find success as rentals

One of NYC’s hardest-to-sell properties—the Puck Penthouses—are having better luck as rentals, The Real Deal has learned. Over the past few months, several of the spacious and uber-pricey condos at the building have been scooped up as rentals, including the most lavish of them all—Penthouse 1.

When it first came on the market in January 2015, the 7,241-square-foot apartment was asking $66 million. By early last year, the condo had cut its asking price by seven million to $58.5 million, but that too didn’t lead to a sale. Sources now tell TRD that a hedge funder has in fact been renting this massive pad for $150,000 per month.

The most recent Puck Penthouse to be rented however is Penthouse III, which first came on the market in March last year for a comparatively modest $19.95 million. As a rental it was asking $57,000/month.

A third unit—Penthouse V has also been rented, but figures on that aren’t yet available. Of the six penthouses that make up the Puck Penthouses atop the iconic Puck Building at 293 Lafayette Street, only one unit is currently on the market. That’s the second largest of the apartments here—Penthouse IV—and it has been asking $35 million since November last year. It’s also being offered up as an $85,000/month rental. This particular unit was scooped up by a buyer in 2014 for $28 million, and it’s the current owner that’s trying to resell it.

Another condo that sold (that we know of) was the 5,000-square-foot Penthouse II, which managed to close for $28.5 million after asking $35 million.

• Condos at Puck having luck as rentals instead [TRD]
• Puck Building's Most Expensive Penthouse Slashes Ask By $7M [Curbed]
• Lavish Puck Penthouse returns with $35M asking price [Curbed]
• Puck Penthouses Archives [Curbed]