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Charles Gwathmey-designed pad in Nolita’s Police Building returns for $18.5M

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Maybe the seventh time’s the charm?

Photos via Douglas Elliman

New York City apartments designed by Charles Gwathmey have a tendency to make a big splash when they hit the market and then stay there a while. See billionaire Steven Cohen’s penthouse atop One Beacon Court, designed by Gwathmey and originally asking $115 million; four years later, it’s off the market after being discounted by nearly half at the beginning of the year. Ouch.

The story is much the same at Nolita’s Police Building, where a Gawthmey-designed four-bedroom apartment has been on and off the market, with all manner of price fluctuations, since 2008. It was owned by ex-Bear Stearns COO Alvin Einbender, who passed away in 2016; prior to his death, Einbender and his wife, Joan, had tried to offload the place for, at various points, $30 million, $26 million, $16.75 million, $14.5 million, and then—inexplicably—back to $31 million.

But maybe the, um, seventh time’s the charm? The apartment is back, this time with an $18.5 million price tag. The details of the space remain much the same as before: the 6,600-square-foot spread is located in what was once the Police Building’s gymnasium. That explains the pad’s positively enormous great room (it’s 60 feet long, 40 feet wide, and 25 feet high), which is topped by three skylights and has barrel-vaulted ceilings.

Gwathmey’s renovation took four years to complete and, according to the brokerbabble, “seamlessly integrates contemporary aesthetics with modern conveniences all while preserving the integrity of this historical treasure.” Now, we wait to see if it sells.

240 Centre St

240 Centre Street, Manhattan, NY 10012