Manhattan Developer Deeply Discounts Unsold Units In Ultra-Luxury Peter Marino Building On The High Line

Real Estate

Two years after selling a three-story penthouse for $59 million, one of the most expensive sales in Manhattan at the time, the developer of a luxury building on the High Line in Manhattan has steeply discounted the remaining four apartments, with the price of one full-floor unit overlooking the elevated park dropping by more than 50%. 

The units at The Getty Residences in Chelsea, designed by architect Peter Marino, had been on the market for the last three years. 

The units range from a 3,312-square-foot, three-bedroom, 3 1/2-bathroom that had its price cut about 42% to $9.4 million to a 3,816-square-foot, three-bedroom, 3 1/2-bathroom apartment with a balcony dropping 43% to $13.8 million. 

Ran Korolik, vice president and partner of developer Victor Group, said the price cuts reflect the current real estate market. 

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“We recognize that the New York City luxury real estate market is currently in a much different place than it was even a year ago,” Korolik said in a statement announcing the price cuts. “Therefore, we are taking a proactive approach by significantly reducing the prices on the remaining homes at The Getty Residences to reflect today’s environment.”

In an exclusive interview with Forbes, Korolik said after the coronavirus pandemic upended the market, he hoped a “dramatic reduction (would) get people to come and transact” in what he calls a “trophy building.”

“We could have cut the prices by 20%,” Korolik said. “We just want to move forward.”

Aside from the triplex penthouse, made up of the two top floors combined with a unit below — which was purchased by billionaire Robert Smith, founder of private equity firm Vista Equity Partners, in April 2018 — the building will be occupied by the Lehmann Maupin Gallery on the first two floors and the Hill Art Foundation on the third and fourth floors.

 Korolik said the building will be ready for occupancy in the next 30 days.

Marino designed the ultra-high-end building with 60 different finishes of stone, marble, and wood from four different continents, according to sales materials.

New York’s luxury real estate market had been on shaky ground for months, with a glut of new developments and slow sales. Since the coronavirus shutdown has eased, it’s been a bit of a roller coaster. 

There were 37 sponsor contracts signed in the week ending August 2 — 13 contracts signed in Manhattan and 24 in Brooklyn — down 3 from the week prior, according to data from real estate firm CORE, which has been reporting on the new development market.

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