Jeff Greene, the developer at 62 Wooster, is attempting to sell his penthouse home and the 2 full-floor lofts listed below as a package deal. Photo-Illustration: Curbed; Photo
: Mundi Group Jeff Greene has actually had a rough go of it at 62 Wooster Street. The designer and stopped working Senate prospect bought the Soho cast-iron structure in 2011 for just over $26 million. The strategy was to convert the home into store condos and make around $110 million in sales. That hasn’t truly worked out. Up until now, Greene has only handled to offer 2 of the building’s 7 loft apartment or condos after steep rate cuts. He even stopped working to draw in a purchaser for his individual duplex penthouse, which includes a lap pool and landscaped terrace, when he listed that in 2024. In late May, he seems to have actually attempted a Hail Mary offering: He bundled his penthouse andthe two full-floor lofts listed below it, all of which overall 18,600 square feet, and called it a “private vertical estate.” The asking is $72 million. Is three lofts in some way much better than one?
Jorge Lopez, the Mundi Group creator who has the listing, naturally believes the sale is a great opportunity. “Truthfully, it’s such a great offering,” he tells me. Why bundle the lofts this way? Supply and demand, per Lopez. After the building’s fourth-floor loft was noted in mid-May for around $19 million, a number of potential purchasers obviously asked if there was more area offered in the building– thus the “vertical mansion.” “I’m telling you, there’s more requests for that than the full flooring so far,” Lopez states. Plus, purchasers collect systems in the exact same building all the time. The interested celebrations are more or less who you ‘d expect: tech, financing, and real-estate people. (“Who ‘d desire it is an Elon Musk– type,” one broker tells me. “He might have a compound with his 100 children there.”)
This loft apartment or condo, as seen in a listing picture, has high ceilings, common for cast-iron buildings in Soho. Image: Mundi Group Douglas Elliman broker John Gomes, whose listings with the Eklund-Gomes group tend to start in the 8 figures, says the existing market is likewise particularly well matched to this sort of prize residential or commercial property. “The super-prime market has actually gone gangbusters,” Gomes states. “The reality that this is a $72 million listing doesn’t amaze me.” 3 years ago, Gomes and Fredrik Eklund offered a 10,000-square-foot duplex penthouse at 151 Wooster for $50 million. And at 421 Broome, an 8,000-square-foot penthouse with 6 terraces and a great deal of marble offered in 2021 for $49 million. (That penthouse’s previous owners once said they chose to offer after the yearslong remodelling due to the fact that home was “too huge.”)
And packaging suffering properties is a relatively common method, brokers state. A year after a 2014 offer to offer Mary Joan Wilder’s 8 systems in a Park Avenue co-op to Aby Rosen failed, Wilder partn ered with the building’s two other investors and had Corcoran’s Kane Manera list all 10 houses for $65 million as a “megamansion.” “You bunch them all together due to the fact that maybe someone wants them all,” he states. In the end, however, the megamansion pitch was a bust– Wilder eventually sold her homes in July 2022 to a set of LLCs.
So let’s agree it’s a great time to be a billionaire wanting to get a penthouse or two. (Isn’t it constantly?) However 18,600 square feet of real estate thatrequires a major remodelling to combine? And all to own a piece of a structure that counts among its features a bike space and storage and places its owner squarely in range of midwestern tourists waiting to enter into the Sloomoo Institute?
Obviously, the 62 Wooster packagehas its doubters. And they state purchasers who can pay for the $72 million ask might not want to deal with a renovation of this scale. “Individuals wish to move in with their tooth brush,” states Serhant’s Peter Zaitzeff. “They do not wish to relocate with headaches and work.” Others smelled a marketing stunt– not that there’s anything wrong with that. “People are going to discuss this property when it’s at this cost point, so they have actually done their task,” states Manera, who had the Park Opportunity package. “If this doesn’t reap the rewards in the short-term, they’ll be able to pivot and get something out of it.”
< img data-src=" https://pyxis.nymag.com/v1/imgs/275/c37/576a7d05cbc7e8855852f29d3b087f0c96-62-Wooster-Street-COMPOUND.rhorizontal.w700.jpg "width ="700 "height ="467 "src= "https://pyxis.nymag.com/v1/imgs/275/c37/576a7d05cbc7e8855852f29d3b087f0c96-62-Wooster-Street-COMPOUND.rhorizontal.w700.jpg"/ > A listing picture shows some of the loft space for sale at
62 Wooster. Photo: Mundi Group< img data-src="https://pyxis.nymag.com/v1/imgs/e64/a37/3ee498cd329b0da1f73de2632c7fe3af49-62-Wooster-Street-COMPOUND-4.rhorizontal.w700.jpg" width="700" height="467" src="https://pyxis.nymag.com/v1/imgs/e64/a37/3ee498cd329b0da1f73de2632c7fe3af49-62-Wooster-Street-COMPOUND-4.rhorizontal.w700.jpg"/ > A listing photo shows a loft for sale at 62 Wooster Street with walnut kitchen cabinetry and exposed brick. Picture: Mundi Group
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